OVL, OIL to Explore Oil & Gas in Bangladesh

OVL-OIL consortium to spend $103.2 million in two blocks that it won in August 2013 ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) have signed contracts to explore oil and gas in two areas in Bangladeshi waters. An equal joint venture of OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), and OIL on Monday signed production sharing contracts (PSC) for shallow water blocks SS-04 and SS-09 in Bangladesh.

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