PetroVietnam to Invest $144.6M to Develop Offshore Gas Field

HANOI, May 23, 2007 (Dow Jones Newswires)

The government said it has given approval for PetroVietnam to invest $144.6 million to develop a new gas field offshore South Vietnam.

Song Loc gas field is located in Block 46/02, about 250 kilometers offshore Ca Mau province, which is 350 kilometers southwest of Ho Chi Minh City.

"PetroVietnam should build nine wells and hire a gas tanker for the production of natural gas at the field," the government said on its Web site, without specifying when production is expected to begin.

The posting didn't provide details about the volume of natural gas reserves in the field.

Song Loc gas field is adjacent to Block PM3, where PetroVietnam earlier this month started producing 2 billion cubic meters a year of natural gas.

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

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