Vietnam to exploit oil and gas in Myanmar

PetroVietnam’s affiliates - Exploration and Production Corp. (PVEP) and VietsovPetro (VSP) - will get involved in oil ands gas exploitation in block M-2 offshore Myanmar .

Under a contract signed with the Eden group and Myanmar Oil and Gas Enterprises (MOGE) in Nay Pyi Taw on Oct. 2, the PVEP will hold 45 percent of stakes, VSP, 40 percent and Eden group, 15 percent.

This is Vietnam ’s first oil and gas project in Myanmar and its second overseas. The first one was signed by PVEP and VSP and Tunisia in February 2008.

Vietnam and Myanmar signed a memorandum of understanding on oil and gas cooperation during Prime Minister Nguyen Tan Dung’s visit to Myanmar in August 2007.

VNA

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