ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation, has signed the production sharing contracts with Vietnam Oil and Gas Corporation (PetroVietnam) for two offshore blocks in Phu Khanh Basin.
China and Vietnam have an acrimonious relationship due to their standoff over the South China Sea, a huge source of hydrocarbons.
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
Pradhan said a team of officials of state-run Indian Oil Corporation had visited Vietnam and explored some business ventures
Vietnam is a key player in India's act east policy under Prime Minister Narendra Modi. From India's perspective, a strategic partnership with Vietnam will only deepen political, economic, and security ties and be a bulwark against China, say Melissa S Hersh and Dr Ajey Lele
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