MOSCOW -- Petrovietnam has signed a 30-year oil and gas contract for blocks 129, 130, 131, and 132 in the Vietnam continental shelf.
The contract covers exploration, development, and production of hydrocarbons in the blocks. Vietgazprom, the joint operating company of Gazprom and Petrovietnam, will act as the project operator.
Petrovietnam is currently carrying out geological exploration in block 112. In August 2007 a commercial gas inflow was reported during the first exploratory well testing in Bao Wang as part of prospecting activities in block 112 in the Gulf of Bac Bo. Gas condensate was also found in the new field, according to Vietgazprom.