ONGC Videsh (OVL) signed production sharing contract (PSC) with Oil India (OIL) for two shallow water exploration blocks - SS-09 and SS-04 in the Bay of Bengal of Bangladesh.

OVL along with OIL formed a consortium (50:50) and participated in the Bangladesh Offshore bidding round 2012, launched by Bangladesh government during December 2012.

Shares of the company gained Rs 1.35, or 0.49%, to trade at Rs 278.60. The total volume of shares traded was 75,774 at the BSE (10.39 a.m., Tuesday).