PURCHASE OF OIL FIELDS BY ONGC VIDESH

---

LOK SABHA

ONGC Videsh Ltd., (OVL) has signed a production sharing contract with M/s Petrovietnam in 1988 for undertaking exploration in Blocks 6.12E and 19 of Vietnam Offshore. As a result of the exploration work undertaken by OVL alongwith its consortium partners, viz. British Petroleum of UK, Statoil of Norway and Petrovietnam of Vietnam, the country's largest gas fields of Lan Tay and Lan Do were discovered in 1992-93. The estimated reserves of these fields are about 58 billion cubic metre. Commercial production from these fields is scheduled to commence by late 2002 or early 2003. OVL'' share of the development capital expenditure is around US$ 228 million i.e. Rs. 1117.2 crore at the exchange rate of US $ 1 = Indian Rupees 49. The above information was given by Shri Santosh Kumar Gangwar, Minister of State for Petroleum & Natural Gas in the Lok Sabha in reply to a question.