ONGC Videsh Secures 3-Year Extension to Explore South China Sea Block 128

The company's exploration activities in Block 128 have been hampered by China's claims to the area.

ONGC Videsh Secures 3-Year Extension to Explore South China Sea Block 128

New Delhi: Navratna ONGC Videsh has secured a three-year exploration extension in the South China Sea's Block 128. The extension, which will run until June 15, 2026, is the eighth for ONGC Videsh in the block.

The company's exploration activities in Block 128 have been hampered by China's claims to the area. However, India has maintained its strategic commitment to exploration, viewing it as a way to secure its energy needs and strengthen its ties with Vietnam.

Read Also : BHEL Q4 net profit drops 25%; Declare Dividend

The extension of the exploration rights is a significant development for ONGC Videsh and for India's energy security. It shows that India is willing to stand up to China's claims in the South China Sea and that it is committed to developing its energy resources in the region.

The extension is also a sign of the growing strategic partnership between India and Vietnam. The two countries have been working together to develop energy resources in the South China Sea, and the extension of the exploration rights is a further step in this cooperation.

The extension of the exploration rights is a positive development for India's energy security. It gives ONGC Videsh more time to explore the block and to potentially find commercial oil and gas reserves. This would help to reduce India's dependence on imported oil and gas, and it would also boost the country's economy.

Read Also : NTPC Secures 3rd Rank at ATD BEST Award 2024

The extension is also a sign of India's growing strategic presence in the Indo-Pacific region. India is increasingly asserting its interests in the region, and the extension of the exploration rights is a way for India to do this. It is also a way for India to strengthen its ties with Vietnam, a key partner in the region.

The extension of the exploration rights is a significant development for India's energy security and its strategic interests in the Indo-Pacific region. It is a sign of India's willingness to stand up to China's claims in the South China Sea and of its commitment to developing its energy resources in the region.

Read Also : NRL and OIL signs long term agreement