Vietnam to Expand Oil, Gas Exploration in Africa

Vietnam will expand oil and gas exploration and production activities in some other oil-rich African countries such as Libya and Angola, according to the Ministry of Industry and Trade (MoIT)’s recently-approved the action plan to boost economic and trade ties with Africa during the 2008-2010 period.

 

The country will also aim to diversify import sources of crude oil and LNG to serve for the nation’s energy security strategy, reported the action plan.

 

Vietnam will accelerate the implementation of the inked oil and gas projects in the African countries of Algeria, Egypt, Tunisia, Cameroon, Congo, Madagascar, and Nigeria.

 

By the start of November 2008, the state-own oil monopoly PetroVietnam poured more than US$226 million into 21 projects overseas with nearly 90 per cent of the investment going to development and exploitation and the rest to exploration, mainly in Myanmar, Cambodia, Egypt, Tunisia, India, Angola, and Cameroon. (Vietnam & World Economy)