ONGC and OIL signed Production Sharing Contract in two water Blocks of Bangladesh
ONGC Videsh Limited signed a Production Sharing Contract for exploration and extraction in shallow water in the Bay of Bengal of Bangladesh.
ONGC Videsh Limited (OVL) signed Production Sharing Contract (PSC) for two shallow water exploration blocks SS-09 & SS-04 and extraction in Bay of Bengal of Bangladesh on 17 February 2014. This contract can be considered as a significant milestone in India-Bangladesh relations.
The two Production Sharing Contracts was inked between the State-owned Petrobangla of Bangladesh and the ONGC Videsh. OVL participated in the Bangladesh Offshore Bidding Round in December 2012 after forming a consortium (50:50) with Oil India Limited (OIL).
About ONGC Videsh Limted (OVL)
OVL is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the national oil company of India, and is India’s largest international oil and gas E&P Company. At present, OVL participates in 35 projects in 18 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam.