OVL, PetroVietnam sign long-term O&G agreement

New Delhi: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), signed an agreement Wednesday with Vietnam's national oil company PetroVietnam to jointly explore for oil and gas in the south-east Asian nation and other countries.

"OVL and Vietnam Oil and Gas Group (PetroVietnam) signed an agreement of cooperation in the presence of visiting president of the Socialist Republic of Vietnam Truong Tan Sang and prime minister Manmohan Singh," the company said in a press statement.

The agreement will work towards long-term cooperation in the oil and gas industry and shall remain in force for three years.

The agreement was signed by OVL managing director DK Sarraf and PetroVietnam chairman Phung Dinh Thuc.

The two firms will cooperate on oil and gas exploration, refining, transportation and supply projects in Vietnam, India and third countries.