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OVL, Oil India sign contract for shallow water exploration blocks in Bangladesh

ONGC Videsh (OVL) signed Production Sharing Contract (PSC) for two shallow water exploration blocks SS-09 & SS-04 in the Bay of Bengal of Bangladesh on 17th February, 2014. 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 thewinner of two shallow water blocks SS-09 & SS-04 on 20th August 2013. Subsequently, the Production Sharing Contract (PSC) was discussed and initialled on 19.09.2013 and the Government of Bangladesh approved the award of the blocks to OVL/OIL consortium on 03.12.2013.
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