PetroVietnam Exploration Production Corporation (PVEP) and Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Hanoi branch has signed a 200 million USD loan for the oil field project, Lot 05-1(a).

Under the agreement, Vietinbank committed to extending a seven-year loan of 200 million USD to finance the second phase of Dai Hung oil-field development project, which has been approved by the Vietnamese Prime Minister based on its reserves and economic efficiency.

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 Hung field, Lot 05-1(a), is located in Nam Con Son sediment basin off the continental shelf of southern Vietnam.

Recent oil and gas exploitation activities in the field have substantially contributed to PVEP and Vietnam National Oil and Gas Group (PetroVietnam) accomplishing production and business targets./.