Commercial banks -- OceanBank, VIB, MB, SeABank and LienVietPostBank will co-finance an oil exploitation project on Vietnam's continental shelf.

The 140 million US credit contract lasting seven years was signed on October 29 between the banks and the Exploration and Production Corporation (PVEP) of the Vietnam Oil and Gas Group (PetroVietnam).

The project is located at Plot 15-2/01, which is 20km from the southern city of Vung Tau and covers an area of 280,000ha. It is expected to begin operation in the second quarter of 2013.

PVEP is a key unit of the Vietnam National Oil and Gas Group and now has 44 survey and exploitation projects, both domestic and abroad.

It has already had operations in the Middle East, North and Central Africa, Latin America, and Central and South East Asia.-VNA