Last updated: 20:47 - November 16, 2006
PetroVietnam starts first overseas crude oil production http://www.nhandan.com.vn/english/business/161106/business_pe.htm
The PetroVietnam Investment & Development Company (PIDC), a subsidiary of the Vietnam Oil and Gas Corporation (PetroVietnam), has started its first overseas commercial crude oil production in Cendor oil field offshore Malaysia.
The production on Block PM304 operates under a production sharing contract in which PIDC shares 15% with other partners, including UK's Petrofac (30%), Malaysia's Petronas Carigali Sdn. Bhd. (30%) and Kuwait Kufpec (25%). The current average output from Cendor fields is 8,300 barrels of oil per day and is expected to reach 12,000 barrels per day by late this year.
The production of crude oil from Cendor field is a milestone for Vietnam's oil industry in overseas exploration and investment which started in 2001. It contributes to the industry's development and helps meet Vietnam's energy and security needs.
At present, PetroVietnam and PIDC are focusing investment in Southeast Asian, Middle Eastern and North African countries such as Malaysia, Indonesia, Iraq, Mongolia and Algeria, and will expand investment to other countries in the future. (VNA)
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