Offshore staff

(Asia-Pacific) - PetroVietnam will sign an oil exploration contract with US Pogo (operator) and Canada's Keeper Resources on block 124 offshore of central Vietnam.

Block 124 is located in Phu Khanh basin, covering a 6.007 sq km area along the country's central coastal line, 50 km northeast of Nha Trang City.

The exploration block was offered for tender by PetroVietnam in October 2004.

Under the seven-year contract, the contractors committed to conduct 3D seismic exploration on an 850 sq km area and to drill two exploration wells in the first three years of exploration.

PetroVietnam is entitled to 20% equity participation when oil or gas is discovered.

PetroVietnam is expected to sign four new exploration contracts with foreign partners this year and is holding negotiations or tenders for as many as seven more.

04/05/06