PetroVietnam to Invest $82.5M to Develop Phuong Dong Oil Field

HANOI May 15, 2007 (Dow Jones Newswires)

State-owned PetroVietnam has received government approval to invest $82.5 million in the Phuong Dong oil field in South Vietnam, a company official said Tuesday.

The field is located in Block 15.2, 120 kilometers offshore Ba Ria-Vung Tau province.

"Deputy Prime Minister Nguyen Sinh Hung issued the approval Monday to allow PetroVietnam to start developing the field for operation by the third quarter of 2008," said the official, with PetroVietnam's headquarters in Hanoi.

The oil field is expected to have commercial reserves of 36.3 million barrels of crude oil, 5.3 million barrels of condensate and 3.16 billion cubic meters of natural gas, PetroVietnam figures showed.

PetroVietnam and its foreign partners plan to drill eight wells in the field, said the official.

PetroVietnam has a 17.5% stake in the Phuong Dong field, while Japan's Nippon Oil Corp. (5001.TO) has 46.5% and U.S.-based ConocoPhillips (COP) 36%.

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

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