Pertamina, partners to start production at Vietnamese block in 2014

Pertamina Hulu Energi (PHE), a subsidiary of state-owned oil and gas firm PT Pertamina, and two partners Petronas Carigali Sdn Bhd of Malaysia, and PetroVietnam Investment and Development Company (PIDC) expect their offshore blocks in Vietnam to begin production in 2014.

PHE?s president director Dwi Martono said in Jakarta on Tuesday that the joint venture PCPP Operating Company Sdn. Bhd was currently drilling another exploration well in the 11.1 block.

?If the drilling results are economically feasible, we will propose the plan of development this year so that the oil production could be commenced at the end of 2013 or 2014,? he said.

PHE is expected to spend around US$15 million this year for the blocks, he said.

Pertamina has a 10 percent interest in the two blocks, while Petronas and PetroVietnam own 45 percent, respectively. (bernard)