The Cabinet Committee on Economic Affairs (CCEA) may consider a proposal on Friday to allow ONGC Videsh Ltd. (OVL) to invest an additional $65.67 million in a gas producing block in Vietnam.
OVL, the overseas arm of state-owned Oil and Natural Gas Corporation Ltd. (ONGC), and its partners are to invest $145.94 million in the block. The share of the Indian firm is $65.67 million, official sources said.
Block 06.1 is an offshore Block located 370 km south-east of Vung Tau on the southern Vietnamese coast with an area of 955 sq km. In 1988,
OVL acquired the Exploration License for this block and holds 45 percent in the block. TNK Vietnam BV is the operator with 35 percent stake and the remaining 20 percent is held by Vietnam's state-owned Petro Vietnam.
Lan Tay field in the Block has been developed and the field started commercial production in January, 2003. OVL's share of production from the project was 2.023 billion cubic meters of gas and 0.036 million tons of condensate during 2011-12, compared to 2.249 BCM of gas and 0.038 million tons of condensate during 2010-11.
OVL's share of the expenditure in developing the block was around $342.78 million as at the end of March 31, 2012 and the additional investment is for developing Lan Do gas field in the Block, sources added.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.