BIDV finances PVEP to drill for oil

The Bank for Investment and Development of Vietnam (BIDV) has pledged to provide loans worth 76.8 million USD to the PetroVietnam Exploration and Production Corporation’s (PVEP) to drill for oil in Block 09.3 in the Nam Rong-Doi Moi oil field in Vietnamese waters.

The oil field, 135 km from Vung Tau port, has an estimated reserves of 56.6 million cu. m of oil and 1.6 billion cu. m of gas.

The project is being run by the Vietnam-Russia-Japan Oil and Gas Company (VRJ), a joint-venture of the Vietnam Oil and Gas Group (PetroVietnam), the Russian Company RVO Zarubezhneft and the Idemitsu Oil and Gas Company from Japan.

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