(a) whether any agreement has been signed between India and Vietnam for oil exploration in the South China Sea:
(b) if so, the details thereof and the time by which the said agreement is likely to be implemented;
(c) whether this agreement is likely to help to meet the oil requirement of India and to earn foreign exchange; and
(d) if so, the details thereof?
THE MINISTER OF STATE (INDEPENDENT CHARGE) IN THE MINISTRY OF PETROLEUM AND NATURAL GAS (SHRI DHARMENDRA PRADHAN)
(a). Yes, ONGC Videsh Limited (OVL) has signed a Heads of Agreement (HOA) with PetroVietnam Exploration and Production Corporation Limited (PVEP) on 28.10.2014.
(b). The HOA is for exploration in Blocks 102/10 & 106/10 of PVEP and Block 128 of OVL in Vietnam offshore, subject to due diligence and negotiations on the terms of participation.
(c) and (d). The blocks in discussions are in exploratory stage so, it is not possible to estimate the quantity of production at this stage.