CHINA-INDIA-VIETNAM: OFFSHORE OIL EXPLORATION
India's Oil and Natural Gas Corporation Videsh Limited, the overseas arm of Oil and Natural Gas Corp, recently signed a production-sharing contract with PetroVietnam, the state-run oil company of the Southeast Asian country, to explore a section of the South China Sea known as Block 128, currently under Vietnamese control. Bloomberg's Financial Service reported on September 1, 2015, that lVietnam initially looked at an area designated Block 127 but it showed few prospects. Thus the 7,058 square kilometers of Block 128, which lies in the Phu Khanh Basin, will be the main exploration site. |