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.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Petroleum / Facilities Engineering Specialist - Offshore
Expertise: Petroleum Engineering
Location: Houston, TX
Petroleum Engineer
Expertise: Petroleum Engineering
Location: Houston, TX
Reservoir Engineering (Oil / Gas Reservoir Management)
Expertise: Reservoir Engineering
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours