(07-11-2006)

HA NOI — The Vietnamese petroleum industry recently pumped its first crude oil from an overseas well, as the PetroVietnam Investment and Development Co (PIDC) began exploiting oil from Block PM304 in Cendor oil field, offshore from Malaysia.

Block PM304 is operated under a production – sharing agreement by the UK’s Petrofac, which holds 30 per cent, along with Malaysia’s Petronas Carigali Sdn Bhd of Malaysia (30 per cent), Kufpec of Kuwait (25 per cent) and PIDC (15 per cent).

PIDC, a subsidiary of the Viet Nam Oil and Gas Group (PetroVietnam), is PetroVietnam’s designated operative for oil and gas exploitation projects abroad.

"To ensure the energy security of the nation, PetroVietnam has actively pursued petroleum exploration and production projects abroad," said PetroVietnam general director Tran Ngoc Canh.

The first crude oil production from Cendor marked a significant milestone for PIDC since it began investments overseas in 2001, said PIDC. Cendor field’s current production was 3,500 barrels per day and was expected to increase to 12,000 barrels per day by the end of the year.

PIDC has signed five other production – sharing agreements with international partners for petroleum exploration projects in Algeria, Malaysia, Indonesia, Iraq and Mongolia.

PIDC has evaluated more than 40 projects in Southeast Asia, the Middle East, North Africa, Russia, and Central America and stated an intention to enter into six or seven new deals by 2010. — VNS

 

http://vietnamnews.vnagency.com.vn/showarticle.php?num=04BUS071106