Petrovietnam Signs Myanmar Farm-out Agreement

HANOI - Petrovietnam Exploration Production Corp., or PVEP, said Tuesday it has signed an agreement with France's Maurel & Prom S.A. to transfer part of its interest in the M2 Mottana Block offshore Myanmar to the French company. 

PVEP, a unit of state-owned Petrovietnam, said in a statement the two companies would cooperate to share risks and opportunities in oil and gas exploration and production. 

It didn't provide further details on the agreement. 

PVEP said it signed the production sharing contract for the M2 Mottana Block with Vietsovpetro, Eden Group and Myanmar Oil and Gas Enterprise in October 2008. The block, covering an area of 9,652 square kilometers, is 200 kilometers southwest of Rangoon.

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


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