HA NOI — The State-owned bank, BIDV, is to provide US$76.82 million to PetroVietnam Exploration and Production Co for an oil and gas tapping project.

The deal’s financial terms were not released.

The project is in the Nam Rong Doi oil field, about 135km off the coast of Vung Tau.

The project has been run by PVEP, a subsidiary of the National oil-and-gas giant PetroVietnam, Rvo Zarubezhneft Co, from Russia and Japan’s Idemitsu Oil and Gas Co Ltd.

The project was started in 2002. The concession is for 25 years for oil and 30 years for gas and includes seismic testing, general analysis, evaluation of oil-producing potential and exploitation.

Contractors have completed research and are moving to tap oil and gas. Last year, the Government estimated the field held 56.6 million cu.m of oil and 1.6 billion cu.m of gas.

Investors expect the project to provide good profits and quick returns.

Viet Nam’s first refinery, the 140,000-bpd Dung Quat Oil Refinery Plant, began commercial production in February.

It is expected to use 3.5 million tonnes of Viet Nam’s light sweet flagship Bach Ho crude in its first year. — VNS

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