PVEP to sign more oil, gas contracts

The PetroVietnam Exploration and Production Corporation (PVEP) plans to sign another five -seven contracts inside and outside the country from now to the end of the year.

The President of the PVEP Members’ Council, Tran Duc Chinh, made the statement at a press briefing in Hanoi on July 20.

In the first half of the year, PVEP inked oil and gas contracts for block Kossor in Uzbekistan, block 51 Malay-Tho Chu, block 09.2/10 Cuu Long basin, block 46/07 Malay-Tho Chu, block 01/10-02/10 Cuu Long basin and block Junin 2 in Venezuela.

During the period, the corporation also signed with Premier Oil an agreement on the transfer of block 07-03 Nam Con Son.

On June 29, PVEP struck a deal with a Venezuelan partner on the establishment of the Joint Venture PetroMacarreo Company to exploit the offshore Junin-2 oil and gas block.

Chinh said while focusing on exploiting oilfields found in the country’s lowland, PVEP is calling for foreign investment to back its exploration and exploitation of untapped oilfields offshore in deep waters to raise oil and gas reserves and output and at the same time defend the nation’s security and sovereignty at sea.

PVEP said it will diversify its investment structure to include exploring, exploiting, establishing exploitation partnerships, or buying oilfields for self-exploitation as investing abroad is costly and coupled with high risk.

Tags: gas, oil, PVEP