Vietnam to Receive Bids for 7 Offshore Oil Blocks in September

HANOI Jul 13, 2007 (Dow Jones Newswires)

State-owned PetroVietnam will begin receiving bids from foreign companies Sept. 21 for exploration and production contracts involving seven offshore blocks, a company official said Friday.

"PetroVietnam started offering seven blocks in the Song Hong Basin from April, and foreign companies can receive our documentation with details of the blocks between July 20 and Sept. 20, and they can start submitting bids from Sept. 21," said the official at PetroVietnam's exploration division in Hanoi.

Blocks 105-110/04, 111/04, 114, 115, 116, 120 and 121 cover a total area of 50,000 square kilometers and are located between 50 and 100 kilometers from the shore. The Song Hong Basin is located in central Vietnam.

Recent studies by PetroVietnam have shown the blocks have total potential oil equivalent reserves of more than 5 billion barrels.

The official said some companies have shown an interest in the blocks, and PetroVietnam will award the contracts in October.

So far this year, PetroVietnam has awarded four contracts to foreign companies to explore blocks 15-1/05, 06/94, 103-107 and DBSCL-01.

Between January and June of this year, Vietnam reported total crude oil production of 7.9 million metric tons or around 316,390 barrels a day, down 7.4% on year, government statistics show.

Copyright (c) 2007 Dow Jones & Company, Inc.

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