State-owned PetroVietnam said Tuesday through a published statement on its website that its unit PVEP has inked a contract for a syndicated loan of $140 million from five domestic banks to develop an offshore oil block.
The loan – which runs for seven years – will be used for the development of Block 15-2/01. The block – sited 12 miles (20 kilometers) off Vietnam's southern city of Vung Tau – lies in the Cuu Long Basin, according to Talisman Energy's website.
Talisman, through the Thang Long JOC, operates the block with a 60 percent interest. The remaining stake is held by PetroVietnam.
First commercial oil production from the block is expected in 2Q 2013.
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