Offshore Production Sharing ONGC Videsh and oil India Coperate on Offshore Development in Bangladesh
ONGC Videsh (OVL) recently signed a Production Sharing Contract for two shallow water exploration blocks SS-09 & SS-04 in the Bay of Bengal of Bangladesh.
New Delhi/India ‒ OVL along with Oil India Limited (OIL) formed a consortium (50:50) and participated in the Bangladesh Offshore Bidding Round 2012, launched by Bangladesh Government during December 2012. OVL/OIL consortium was officially notified as the winner of two shallow water blocks SS-09 & SS-04 on 20 August, 2013. Subsequently, the Production Sharing Contract (PSC) was discussed and initialed on 19 September, 2013 and the Government of Bangladesh approved the award of the blocks to OVL/OIL consortium on 3rd December, 2013.