Last updated: 15:22 - May 25, 2006
PetroVietnam signs contract with Indian partner http://www.nhandan.com.vn/english/business/250506/business_petro.htm
The Viet Nam Oil and Gas Corporation (PetroVienam) on May 24 signed a contract with India's oil company ONGC Videsh Ltd (OVL) for two blocks 127 and 128 offshore Viet Nam.
This is the 53rd contract signed by Petro Viet Nam with foreign partners since 1988 and the third in 2006.
Located in Phu Khanh Basin, north of Phan Thiet town in the central coastal province of Binh Thuan, block 127 and 128 cover areas of 9,246 and 7,058 square kilometes, respectively. They are among Phu Khanh basin's blocks put to auction in October 2004.
Under the seven-year contract, ONGC, contract manager, will drill three wells for oil exploration and exploitation during the first three years. PetroVietnam will be entitled to 20% of the benefits to be gained from the contract once oil is discovered. (VNA)
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