PetroVietnam raises international operations to build supply sources

Jul 08, 2004 02:00 AM

State-owned PetroVietnam is increasing its involvement in overseas operations to secure more long-term oil supply sources for the country, a PetroVietnam official said.
"PetroVietnam is seeking new opportunities to invest in oil production in Indonesia later this year and in the coming years," the official told.

In Indonesia, the Vietnamese firm has a 20 % stake in two contracts for two oil and gas blocks -- Madura 1 and Madura 2.
"We have enough funds to carry out those contracts if we find them productive," the official said. PetroVietnam will spend $ 400 mm this year on exploration and expansion operations domestically and internationally.

In Malaysia, the company is negotiating to buy a 10.5 % stake in a field called Lot SK 304-Malaysia from US firm Petrofac, raising the Vietnamese company's stake to 15 %.
The company is also looking outside Asia for production prospects. In Algeria in October, Petroleum Investment & Development, an affiliate of state-owned PetroVietnam, will begin drilling wells in blocks 433A and 416B, VNA said. In Iraq, PetroVietnam is negotiating with the Iraqi government to proceed with a stalled contract to drill oil wells in Iraq's southern Amara region.

Source: Schlumberger
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