PetroVietnam hooks up with Bolivian counterpart

The Vietnam National Oil and Gas Group (PetroVietnam) said it has signed a cooperation agreement with Bolivia’s state-owned oil and gas corporation Yacimientos Petroliferos Fiscales de Bolivia (YPFB).

Under the terms of the compact, the two companies will jointly assess oil and gas reserves for exploitation at a number of lots in Bolivia which has huge oil and gas potentials in South America.

PetroVietnam said it plans to sign another cooperation deal with the state-run energy company of Argentina ENARSA, and work with the Ministry of Planning and Investment of Argentina, and the Industrial Metalurgicas Pescarmona S.A.I.C.y F (IMPSA) – a partner who is negotiating for its participation in electricity projects in Vietnam.

Previously, the group inked an overall oil and gas cooperation agreement and a deal with Petroleum of Nicaragua, or Petronic, to jointly assess some oil fields located offshore Nicaragua.

Once reserves are discovered, PetroVietnam and Petronic will negotiate and sign oil production contracts.

PetroVietnam has pursued a strategy to explore investment opportunities in America, where it already signed a number of oil and gas contracts with partners from Cuba, Venezuela and Peru.

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