PVEP signs exploration MOU with ONGC

Hanoi: Petrovietnam Exploration Production Corporation (PVEP), a wholly-owned subsidiary of Petrovietnam, has signed a Memorandum of Understanding (MOU) with India's Oil and Natural Gas Corporation Limited (ONGC) for mutual cooperation on exploration in ONGC's blocks in the Andaman and Cauvery basins.

ONGC has been allotted the blocks under the government's new exploration licensing policy. The agreements are subject to due diligence and negotiations on terms of participation. [29/10/14]

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