11/11/2009
By Van Nguyen
(Bloomberg) -- PetroVietnam Exploration Production Corp., a member of state-owned Vietnam Oil & Gas Group, plans to explore for oil and gas in Cambodia’s Tonle Sap Lake area.
Under the terms of a contract, to be signed with the Cambodian National Petroleum Authority in Phnom Penh tomorrow, PetroVietnam Exploration will do seismic and exploration works in the northeastern part of Tonle Sap Lake, in central Cambodia, according to an e-mailed statement from Vietnam Oil or PetroVietnam as the producer is known.
Hanoi-based PetroVietnam Exploration, which will have 100 percent ownership of the rights in Block XV, covering about 6,900 square kilometers (2,664 square miles), can explore for oil for 30 years and gas for 35 years.
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