ONGC Videsh acquires two exploration blocks offshore Bangladesh

India’s largest international oil and gas E&P company ONGC Videsh (OVL) has signed Production Sharing Contract (PSC) for two shallow water exploration blocks SS-09 & SS-04 in the Bay of Bengal of Bangladesh on 17th February, 2014.

OVL along with Oil India Limited (OIL) formed a consortium (50:50) and participated in the Bangladesh Offshore Bidding Round 2012, launched by Bangladesh Government during December 2012. OVL/OIL consortium was officially notified as thewinner of two shallow water blocks SS-09 & SS-04 on 20th August 2013. Subsequently, the Production Sharing Contract (PSC) was discussed and initialled on 19th September, 2013 and the Government of Bangladesh approved the award of the blocks to OVL/OIL consortium on 3rd December, 2013.