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Energy firms to share exploits
The PetroVietnam Exploration Production Corporation and the National Oil and Gas Group yesterday signed a production sharing contract for Block 05.1(a), off the coast of southern Viet Nam.
The corporation has a 100 per cent working interest with the Dai Hung Petroleum Operating Co Ltd as the project operator.
Block 05.1(a) is in the Nam Con Son Basin, about 100m underwater and 265km away from Ba Ria-Vung Tau Province.
The block was discovered by US Mobil oil company in 1974, but Mobil did not carry out an appraisal or development activities.
PetroVietnam and its partners had started to exploit the block in 1986, said PetroVietnam General Director Tran Ngoc Canh.
However, difficulties, including deep water, the distance from shore, complex subsea technology, falling oil prices and rising investment costs had prevented its partners from working on the Dai Hung project, Canh said at the signing ceremony.
Once again, Vietsovpetro, took over the project until the hand-over to the corporation, which later merged with PetroVietnam Investment & Development Company to become PetroVietnam Exploration Production Corporation Ltd, Canh said.
Since 2003, The corporation has pumped 700,000 tonnes of oil and contributed US$63 million to the State budge.
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