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India, Vietnam push on oil

Undeterred by recent objections raised by China, India and Vietnam on Wednesday signed an agreement to promote oil exploration in South China Sea.

business Updated: Oct 12, 2011 21:04 IST
HT Correspondent

Undeterred by recent objections raised by China, India and Vietnam on Wednesday signed an agreement to promote oil exploration in South China Sea.

The two countries also entered into a slew of other pacts, including an extradition treaty, to deepen trade, security and strategic ties between the two countries.

The deal was signed by DK Sarraf, managing director, ONGC Videsh Ltd, and Phung Dinh Thuc, chairman, PetroVietnam.

Irked by Indian exploration projects on Vietnamese blocks in South China Sea, Chinese authorities have raised objections, claiming that it was in their area. However, the Chinese claim has been rejected by both India and Vietnam, saying that according to the UN, the blocks belong to Vietnam. India said it would continue exploration activities in the South China Sea.

OVL also signed a deal in Astana to take a 25% stake in Kazakhstan’s Satpayev exploration block. While OVL had signed the deal with Kazakhstan’s KazMunaiGas Exploration Production on April 16 to buy a quarter of the block, on Wednesday signed a pact with the Kazakh government to formally become a part of the concession.