13-11-2009
PHNOM PENH — Petro Vietnam’s Exploration and Production Company signed contract yesterday with Cambodian National Petroleum Authority to explore for oil and gas in a block near Phnom Penh.
The contract was signed by company president Nguyen Truong Son and Cambodian Deputy Prime Minister Sok An, who is authority chairman.
The company, a wholly-owned subsidiary of Petro Vietnam, holds 100 per cent interest in the block.
Under the deal, affiliate PVEP Mekong will conduct operations in the 6,900sq.km Block XV Tonle Sap, located north-east of Tonle Sap lake.
The contract is for 30 years for oil and 35 years for gas with an exploitation phase of seven years.
The contract marks the company’s first oil and gas exploration undertaking in Cambodia.
It is the company’s 55th petroleum project and the 17th it also operates.
The company’s strategy is to expand its exploitation and production activities both inside and outside the country to provide energy security. — VNS
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