Vietnam OKs PetroVietnam, Petronas' $105.15M Oil Field Investment

HANOI Sep 21, 2007 (Dow Jones Newswires)

The government of Vietnam said Friday it has approved PetroVietnam and Malaysia Petronas Carigali Sdn. Bhd.'s plan to invest $105.15 million to develop an oil field offshore southern Vietnam.

The prime minister Tuesday approved the companies' investment plan for Pearl oil field in Blocks 01 and 02, where the companies will jointly build oil rigs and facilities to start production by the first quarter of 2009, the government said in a statement seen by Dow Jones Newswires.

The field is 150 kilometers east of Vung Tau city.

Petronas Carigali, a subsidiary of Malaysia's state owned Petroliam Nasional Bhd., holds a 70% stake in Pearl oil field, while PetroVietnam has a 30% stake.

The government didn't state the field's estimated oil reserves.

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

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