India Vietnam Ramp Up Oil Search in South China Sea

10/30/2014 9:57:09 AM

(MENAFN- Qatar News Agency) New Delhi October 29 (QNA) - India and Vietnam ramped up cooperation in exploring for oil and gas in the contested South China Sea ignoring Chinese objections as Prime Minister Narendra Modi said Hanoi is at the forefront of his government's intensified engagement in Asia Pacific after holding talks with his visiting Vietnamese counterpart Nguyen Tan Dung.

Both sides inked seven agreements including between ONGC Videsh Limited and PetroVietnam for exploration of two oil and gas blocks in Vietnam.

Vietnam has earlier offered India five hydrocarbon blocks in the South China Sea for exploration. India on Tuesday agreed to take up two of the blocks for exploration.

ONGC Videsh Ltd the overseas arm of state-owned Oil and Natural Gas Corp signed an agreement to pick up to 50% stake in PetroVietnam's two exploration blocks in the South China Sea.

Appearing before the media after the bilateral talks Prime Minister Modi said: "Since entering office my government has promptly and purposefully intensified our engagement in the Asia Pacific region which is critical to India's future. It is no surprise that Vietnam has been at the forefront of our efforts." (QNA)

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