Petronas and Petrovietnam sign exploration contract

  • Business
  • Wednesday, 08 Jan 2003

PETROLIAM Nasional Bhd (Petronas) and its Vietnamese counterpart, Petrovietnam, signed yesterday a contract to jointly explore and develop hydrocarbon resources in two exploration blocks offshore Vietnam. 

The Blocks 01/97 and 02/97 are sited in the prolific Con Son Basin, about 150km offshore Vung Tau, next the existing Blocks 01 and 02 operated by Petronas. 

Both blocks covered an area of about 11,800 sq km with oil and gas potential, Petronas said in a statement. 

Under the contract – the fifth awarded to Petronas in Vietnam since its entry into the country 11 years ago – Petronas, through its overseas exploration and production arm, Petronas Carigali Overseas Sdn Bhd, and Petrovietnam's wholly-owned subsidiary, Petrovietnam Exploration and Production Co (PVEP), will form a joint-venture company called Lam Som Joint Operating Co to operate on the blocks. 

The Lam Som Joint Operating Co was expected to conduct geological and geophysical studies in this year and planned to drill one firm and one optional exploration well in 2004, the statement said. – Bernama  

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