ONGC Videsh to give up Libya, Vietnam blocks

In a strategy to realign its assets by hiving off non-prolific ones, ONGC Videsh (OVL) is likely to give away two blocks - Block 128 in Vietnam and Area 43 in Libya. The relinquishment is likely to happen shortly and the reason cited is that the areas are not economically viable. In 2006, OVL, the overseas arm of India´s flagship oil and gas explorer ONGC, signed the production-sharing contract with Petro Vietnam for deepwater exploratory Block 128, with an area of 7,058 sq km in the offshore Phu Khanh Basin in Vietnam. OVL is the operator for the block with a 100 per cent stake. The water depth ranges from 200 m to 2,000 m. Contact: ONGC Videsh. Tel: 011-2373 0368. Website: www.ongcvidesh.com