Petronas, Pertamina, and PetroVietnam signs contract for two blocks offshore in Vietnam

A joint venture between the national oil companies of Malaysia, Indonesia and Vietnam Tuesday signed a contract to explore and develop oil and gas in two blocks offshore Vietnam, Malaysia's Petroliam Nasional Bhd. said in a statement.

"This strategic alliance will also facilitate the transfer and exchange of knowledge and technology between the three partners which will assist in enhancing and upgrading of skills and expertise," it said.

Petronas Carigali Overseas Sdn Bhd has a 30-percent share in the new joint outfit, Con Son Joint Operating Company, while PetroVietnam Investment and Development Company has 40 percent and Pertamina 30 percent.

Con Son Joint Operating will process seismic data and conduct studies this year in Blocks 10 and 11.1 in the prolific Nam Con Son basin, 210 kilometers offshore southern Vietnam, the statement said.

Exploration work on the southern continental shelf of Vietnam was scheduled to begin early this year, followed by the drilling of the first two wells next year. (robert)