ONGC Videsh, a wholly owned subsidiary of Oil & Natural Gas Corporation and PetroVietnam has signed a letter of Intent (LOI) to participate in the exploration of oil & gas in the offshore Vietnam, during the state visit of president of India to Vietnam.

The LOI provides for expansion of exploration activities by ONGC Videsh in Vietnam by considering participation in 2-3 additional blocks subject to technical and commercial viability and requisite approvals.

In turn, PetroVietnam may consider participation in some of the exploration blocks of ONGC Videsh on mutually agreeable terms subject to due-diligence.

Shares of the company declined Rs 11.15, or 2.65%, to trade at Rs 410.15. The total volume of shares traded was 242,478 at the BSE (12.09 p.m., Tuesday).