Malaysia, Indonesia & Vietnam Enter Joint Venture

The national oil companies of Malaysia, Indonesia and Vietnam have signed a joint venture agreement to explore and develop oil and gas in two blocks offshore Vietnam. The joint venture company will be named Con Son Joint Operating Co. and will be owned 40% by PetroVietnam, 30% by Petronas Carigali, and 30% by Pertamina.

The national oil companies have also expressed an interest in forming other joint venture partnerships to explore in Malaysia and Indonesia later this year.

Con Son Joint Operating will process seismic data and conduct studies this year in Blocks 10 and 11.1 in the Nam Con Son basin with drilling expected to begin in 2003. Blocks 10 and 11.1 are located approximately 130 miles offshore southern Vietnam.