Indian, Russian and Vietnamese investors of Block 06.1 Offshore Gas Project in Vietnam celebrated in Hanoi recently the production landmark of 300 million barrels of oil equivalent. Another milestone was 13 years of safely operating Block 06.1, during which more than 29 million safe man-hours were achieved.
On this occasion, ONGC Videsh Ltd., the largest stakeholder in Block 06.1, was awarded Prime Minister’s Merit Certificate in recognition of its contribution to the development of hydrocarbon industry in Vietnam and 13 years of safe operations.
The ONGC Videsh team consisting of Mr. Ajeet Kumar Deshwal, Regional President, Asia Pacific, Mr Tapas Kumar Mandal, Country Manger and Mr N K Gupta, Manager (HR) received the award on behalf of ONGC Videsh Limited.
Addressing the ceremony, HE Mr. Cao Quoc Hung, Vice Minister Industry & Trade, Socialist Republic of Vietnam appreciated the valuable contribution to the gas industry of Vietnam by Block 06.1 investors – ONGC Videsh Ltd. Vietnam Oil and Gas Group (Petrovietnam), and Rosneft Oil Company in the Operator role.
“The gas production from Block 06.1 served as a feedstock for about 12% of the electricity generation of this country in 2015, in addition to the efforts towards the development of community in the region”, said Mr. Ajeet Kumar Deshwal, Regional President – Asia Pacific of ONGC Videsh Ltd. He also shared that the successful journey of ONGC Videsh in the E&P sector practically began with the discovery in Block 06.1 offshore Vietnam, this being one of the initial successes. He also brought out the fact that MD, ONGC Videsh Limited ,Mr Narendra K. Verma was a well site geologist while drilling were carried out in Blcok06.01 during early 90’s indicating the emotional and historical bonding of ONGC Videsh Limited with Block 06.01.
ONGC Videsh’s presence in Vietnam dates back to 1985, when it signed a technical assistance contract with Petrovietnam. Thereafter Exploration License was awarded for Block 06.1 and Production Sharing Contract was signed in 1988 with 100% Participating Interest(PI). Presently, ONGC Videsh is a partner with largest PI of 45%, along with Rosneft as the Operator and Petrovietnam.
ONGC Videsh, as one of the first entrants in the oil and gas industry of Vietnam, has contributed in a big way for the development of this industry in Vietnam. After acquiring the Exploration License of Block 06.1 in 1988, ONGC Videsh has made a cumulative investment of USD 423.7 million as of 30th June 2015.
Block 06.1, where ONGC Videsh is the largest stakeholder, consists of the Lan Tay and Lan Do natural gas fields, 370km offshore southeast of Ba Ria Vung Tau Province, Vietnam and fuels approximately 12% of Vietnam’s electricity generation.
Block 06.1 investors are ONGC Videsh Ltd. with largest stake of 45%, Rosneft Vietnam with stake of 35% and PetroVietnam with the remaining 20%.