Vietnam's PVEP to Start Drilling Uzbek Wells in 2012

Vietnam's PVEP to Start Drilling Uzbek Wells in 2012

HANOI - PetroVietnam Exploration Production Corp. will start drilling two exploration wells this year at Kossor Block in Uzbekistan's Usturt region, its parent PetroVietnam said Friday in a statement.

The statement came after PetroVietnam Vice Director General Nguyen Quoc Thap's visit to Uzbekistan earlier this week to boost ties with state oil firm Uzbekneftegaz, or UNG.

In January 2010, PetroVietnam Exploration Production Corp. signed a contract with UNG to jointly invest $30 million over five years in oil and gas exploration on 5,500 square kilometers in the Kossor Block.

PetroVietnam said Friday that it is also keen on conducting exploration research at the Bukhara-Khiva region in Uzbekistan.

The company earlier said it plans to increase its annual overseas crude-oil output to 4 million-5 million metric tons by 2015 and to 8 million-10 million tons by 2020.

PetroVietnam's 2011 overseas output was 800,000 tons.

Copyright (c) 2012 Dow Jones & Company, Inc.


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