PetroVietnam wins oil contract in Peru

VGP - The PotroVietnam Exploration Production Corporation (PVEP) won a bid to explore and exploit oil and gas in Peru’s Lot 162, said PeruPetro SA.

September 11, 2008 5:15 PM GMT+7

PVEP is enhancing its exploration and exploitation activities in the world' s key sites

This will be PVEP's second contract in Peru. Ealier, PVEP had inked a contract to explore and exploit gas and oil in Lot Z47 in the Trujillo in Western Peru. The Corporation holds all stakes of these two contracts.

PetroVietnam is one of ten Asian companies to participate the bidding round 2008 held by Peru’s national petroleum company in order to be able to explore 22 lots in different oil-bearing basins of the southern Latin American country.

Peruvian Deputy Minister of Energy Pedro Gamio released that the winners will have to invest US $800 million in their exploration activities for two years.

Lot 162, 4,700 km², is located in the Ucayali Basin to the east of Peru.

According to Mr. Nguyễn Quốc Thập, PVEP CEO, the winning of the contract is part of the PVEP's strategy to enhance its activities in the world's key sites.

By Hải Minh