Petronas inks contract in Vietnam

Petronas inks contract in Vietnam

KUALA LUMPUR: Malaysian national oil firm Petronas and counterpart PetroVietnam inked a pact Tuesday to jointly explore and develop hydrocarbon resources off the coast of Vietnam.

Under the contract signed in Hanoi, Petronas said they would form a joint venture company, called Lam Son Joing Operating Co., to operate Blocks 01/97 and 02/97 in the Con Son Basin near Vung Tau.

The two blocks, to be shared 50-50 by PetroVietnam Exploration and Production Co. and Petronas Carigali Overseas, cover an area of 11,800 square kilometres and have gas and oil potential, it said.

In 1991, Petronas was awarded the contract for Blocks 01 and 02. The Ruby field, discovered in these blocks, came on stream in 1998 and is now producing about 19,000 barrels of oil daily.

Last year, it signed three contracts for Blocks 10 and 11-1, 46-Cai Nuoc and 46/02. -- AFP