ONGC Videsh is the abroad funding arm of India’s prime oil explorer Oil and Pure Fuel Corp.
Mumbai:
Indian vitality firm ONGC Videsh has secured a three-year extension from Vietnam to discover ‘Block 128’ within the South China Sea, it mentioned in a publish on social messaging platform X, previously referred to as Twitter.
Conflicting territorial claims over South China Sea stretch again many many years however have intensified in recent times as China and its rivals have bolstered their positions on the rocks and reefs they maintain.
“India’s strategic dedication stays sturdy as ONGC Videsh continues its exploration journey with its eighth extension until 15 June 2026,” the corporate mentioned in its publish.
Increasing Horizons for #Energy Safety#Navratna@ongcvideshltd secures extension of three extra years to discover in South China Sea’s Block 128! #India‘s strategic dedication stays sturdy as #ONGC Videsh continues its exploration journey with its eighth extension until 15 June 2026.
We… pic.twitter.com/8fLQBzHRfG— Oil and Pure Fuel Company Restricted (ONGC) (@ONGC_) August 19, 2023
ONGC Videsh is the abroad funding arm of India’s prime oil explorer Oil and Pure Fuel Corp.
India has sparred diplomatically with China prior to now over its gasoline and oil exploration block off the coast of Vietnam. China claims nearly your entire mineral-rich South China Sea and has stepped up its army presence there.
A part of block 128 is within the U-shaped “nine-dash line” which marks the huge space that China claims within the sea, a route for greater than $5 trillion in commerce annually through which the Philippines, Brunei, Malaysia and Taiwan even have claims.
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