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Oil and Natural Gas Corp’s overseas arm ONGC Videsh Ltd has got one year extension for exploring a Vietnamese oil block in the contested waters of the South China Sea.
According to the sources, this is the fourth extension for OVL for exploring Block-128, the license for which is now valid till June 15, 2017.
In May, OVL had applied to the Vietnamese authorities for a fourth extension of the exploration license for the deepsea block for maintaining India’s strategic interest in the South China Sea.
The extension has been granted by Vietnam’s national oil company PetroVietnam.
