Three Vietnamese banks--VIB, ACB and SHB--will jointly provide a loan up to 51 million USD to the PetroVietnam Exploration Production Corporation (PVEP) to explore oil and gas in the Ca Ngu Vang (Gold Tuna) oilfield.

Under a credit agreement signed in Hanoi on Oct. 22, the PVEP will use the five-year loan to pay for the development and exploitation of oil and gas at the oilfield, located southeast of Vietnam ’s continental shelf.

The Vietnam International Commercial Joint Stock Bank (VIB) is the largest provider with 18.62 million USD or 36.42 percent of the total credit.

Addressing the signing ceremony, VIB General Director An Thanh Son said that this cooperation with the PVEP is a basis for his bank to further develop ties with PetroVietnam (PVN) as well as with other PVN member firms, and it is an affirmation of the bank’s policy of supporting business.

The Ca Ngu Vang oilfield in the Cuu Long Basin , offshore Vietnam , was found in October 2002. A plan for the oilfield was approved in late 2006 with the participation of the PVEP, Soco Vietnam Ltd. of the UK, the PTTEP Hoanvu Co. Ltd. of Thailand and the Hoan Vu joint-venture company.

Exploitation of the field began in July of last year with a daily output of between 10,000 and 20,000 barrels of oil and 25-50 million cu.m. of natural gas./.