PetroVietnam to Increase Investment in Dai Hung Field

Following the withdrawal of Russian investor Zarubezneft from the Dai Hung Field, PetroVietnam is hoping for government approval to invest $40 million in the field. The money would be used to maintain the field's current output of 200,000 metric tons per year in the coming years. PetroVietnam is currently planning exploration activities which include two new wells to be drilled on the field. The field is located approximately 200 kilometers south of Ba Ria Vung Tau province.

Zarubezneft, the Russian investor in the Vietsovpetro joint venture, withdrew from the Dai Hung project last month after concluding that the field had poor prospects.