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PetroVietnam signs contract with US and Canadian partners http://www.vneconomy.com.vn/eng/?param=article&catid=06&id=ba1437f3f98d05
VNECONOMY updated: 06/04/2006
The Viet Nam Oil and Gas Corporation (PetroVietnam) on April 5 signed an oil exploration and exploitation contract with Pogo Producing Company of the US and Keeper Resources Inc. of Canada for Block 124 offshore Viet Nam. This is the 51st contract signed by PetroVietnam with foreign partners since 1988.
Located in Phu Khanh basin, about 50km north of Nha Trang in central coastal Khanh Hoa province, Block 124 covers about 6,007 sq.km along the central coastal region. It is one of the Phu Khanh basin's blocks that were put to auction in Oct. 2004.
Under the seven-year contract, the foreign contractors will process samples taken from a 850 sq.km area for seismic analysis and drill two wells during the first three years. PetroVietnam will be entitled to 20 percent of the benefits to be gained from the contract once oil is discovered.
Source: Vietnam Agency
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