The PetroVietnam Exploration and Production Corporation (PVEP) looks setto sign between five and seven more contracts inside and outside thecountry from now to the end of the year.
This was revealed by President of the PVEP Members’ Council Tran DucChinh at a press briefing in Hanoi on July 20.
In the first halfof the year, PVEP inked oil and gas contracts for block Kossor inUzbekistan, block 51 Malay-Tho Chu, block 09.2/10 Cuu Long basin, block46/07 Malay-Tho Chu, block 01/10-02/10 Cuu Long basin and blockJunin 2 in Venezuela.
During the period, the corporation alsosigned an agreement on the transfer of block 07-03 Nam Con Son withPremier Oil.
On June 29, PVEP inked a deal with a Venezuelanpartner on the establishment of the Joint Venture PetroMacarreo Companyto exploit the offshore Junin-2 oil and gas block.
Chinh saidwhile concentrating on exploiting oilfields found in the country’slowland, PVEP is calling for foreign investment to back its explorationand exploitation of untapped oilfields offshore in deep waters to raiseoil and gas reserves and output and at the same time defend the nation’ssecurity and sovereignty at sea.
As investing abroad is costlyand coupled with high risk, PVEP said it will diversify its investmentstructure to include exploring, exploiting, establishing exploitationpartnerships, or buying oilfields for self-exploitation.
Atpresent, PVEP is carrying out 20 oil and gas exploration andexploitation projects in 20 countries, including two projects that havealready churned out oil products for the home country.
Thecorporation is expected to bring home oil products from the BC 3 projectin Algeria and the Junin 2 project from Venezuela in 2012.
PVEPsaid it is striving to increase the country’s oil reserves to 122million tonnes and obtain an output of 44 million tonnes, including 34million tonnes from local oilfields and 10 million tonnes from overseasoilfields in the 2011-2015 period./.
This was revealed by President of the PVEP Members’ Council Tran DucChinh at a press briefing in Hanoi on July 20.
In the first halfof the year, PVEP inked oil and gas contracts for block Kossor inUzbekistan, block 51 Malay-Tho Chu, block 09.2/10 Cuu Long basin, block46/07 Malay-Tho Chu, block 01/10-02/10 Cuu Long basin and blockJunin 2 in Venezuela.
During the period, the corporation alsosigned an agreement on the transfer of block 07-03 Nam Con Son withPremier Oil.
On June 29, PVEP inked a deal with a Venezuelanpartner on the establishment of the Joint Venture PetroMacarreo Companyto exploit the offshore Junin-2 oil and gas block.
Chinh saidwhile concentrating on exploiting oilfields found in the country’slowland, PVEP is calling for foreign investment to back its explorationand exploitation of untapped oilfields offshore in deep waters to raiseoil and gas reserves and output and at the same time defend the nation’ssecurity and sovereignty at sea.
As investing abroad is costlyand coupled with high risk, PVEP said it will diversify its investmentstructure to include exploring, exploiting, establishing exploitationpartnerships, or buying oilfields for self-exploitation.
Atpresent, PVEP is carrying out 20 oil and gas exploration andexploitation projects in 20 countries, including two projects that havealready churned out oil products for the home country.
Thecorporation is expected to bring home oil products from the BC 3 projectin Algeria and the Junin 2 project from Venezuela in 2012.
PVEPsaid it is striving to increase the country’s oil reserves to 122million tonnes and obtain an output of 44 million tonnes, including 34million tonnes from local oilfields and 10 million tonnes from overseasoilfields in the 2011-2015 period./.
