Petrovietnam Invited to Explore for Angolan Oil

HANOI - State-run Vietnam Oil and Gas Group, or Petrovietnam, said Wednesday that Angola's government has invited it to bid for oil and gas exploration projects.

In a meeting with Petrovietnam executives earlier this week in Hanoi, Florbela Rocha Araujo, head of the judicial office of the Angolan president, said her country is offering onshore and offshore oil blocks to foreign companies and hoped Petrovietnam would bid for the blocks, the company said in a statement.

The statement didn't mention details of the blocks being offered.

Petrovietnam said it will consider the invitation and suggested setting up joint ventures with Angola's state-owned oil company, Sonangol, to operate in both countries.

The company earlier said it considers Africa a promising area for oil and gas cooperation, as Angola has proven crude reserves of around 9 billion barrels.


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


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