The Vietnam Oil and Gas Group (PetroVietnam) has signed a
production-sharing contract (PSC) for Block 42 on the continental shelf
waters of Vietnam with a consortium of contractors including
PetroVietnam Exploration and Production Corporation (PVEP) and the
Russia-Vietnam oil and gas joint venture, Vietsovpetro.
Under the agreement, which was signed in Hanoi on March 29, PVEP
will work as the manager for the project and will have a 51 percent
share.
Covering an area of 4,682 sq.km, Block 42 in Phuc Quoc basin is seen as a lot holding considerable oil and gas potentials.
Speaking at the function, PetroVietnam General Director Do Van Hau
said the contract manifests the close and effective cooperation between
PetroVietnam and Russia ’s Zarubezhneft through Vietsovpetro joint
venture.
The PSC is the fifth contract that
Vietsovpetro has engaged in Vietnam , following others in Bach Ho
(White Tiger), Rong (Dragon) and Doi Moi oil fields.
Zarubezhneft General Director Sergei Kudryashov described Vietsovpetro
as a bridge for the solidarity and friendship between Vietnam and
Russia , while the newly-signed PSC further consolidates the
effectively friendly and cooperative relations between the two nations.
The exploration and exploitation of Block 42 are
expected to open new prospects for Phu Quoc basin and attract more
stable investment in the area, contributing to the Vietnamese oil and
gas sector’s development strategy and the national energy security
programme.-VNA