PVEP forms an oil joint venture in Algeria
VGP – PetroVietnam Exploration Production Corporation (PVEP) has just signed an important agreement to drill for oil and gas in Algeria.
February 13, 2009 10:00 AM GMT+7
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PVEF is able to explore crude oil in Northern Africa. Illustration photo |
The agreement establishes a joint venture between PVEP, Thailand’s PTT Exploration and Production Public Company Limited (PTTEP), and Algerian Sonatrach Petroleum Corporation.
The 25-year project was poured with about US $2 billion, of which PVEP holds 40%, PTTEP 35% and Sonatrach 25%.
By late 2011, the project will be put into operation, exploiting around 2 million tons of crude oil per year from the Bir Saba field f Hassi Messaoud City in the Sahara desert.
The yield will be raised to 1.8 million tons after three years.
By Kim Loan
