PetroVietnam Exploration Production Corporation (PVEP) and Vietnam JointStock Commercial Bank for Industry and Trade (Vietinbank), Hanoi branchhas signed a 200 million USD loan for the oil field project, Lot05-1(a).
Under the agreement, Vietinbank committedto extending a seven-year loan of 200 million USD to finance the secondphase of Dai Hung oil-field development project, which has been approvedby the Vietnamese Prime Minister based on its reserves and economicefficiency.
The project is expected to meet fuel demands of the market and develop the country’s economy.
According to Director of PVEP Nguyen Vu Truong Son, the Dai Hungfield, Lot 05-1(a), is located in Nam Con Son sediment basin off thecontinental shelf of southern Vietnam.
Recent oiland gas exploitation activities in the field have substantiallycontributed to PVEP and Vietnam National Oil and Gas Group(PetroVietnam) accomplishing production and business targets./.