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.
Who: ONGC Videsh Limited
When: 17 February 2014