Vietnam to Produce Oil & Gas in Peru

The state-run oil monopoly PetroVietnam group has recently reached an agreement with the Peru National Petroleum Company (PeruPetro SA) to jointly explore and produce oil and gas at Block 162 in the South American country.

 

Block 162 with an area of 4,700 square kilometers is located in the Ucayali basin onshore eastern Peru.

 

PetroVietnam was among 18 enterprises from the Asian, European, American, and Australian countries and territories sign oil and gas production contracts worth US$650 million in total with PeruPetro.

 

Despite its huge potential in oil and gas, Peru still has to import petroleum. The country is urging foreign investments in this sector with a hope of becoming a petroleum exporter.

 

PetroVietnam has pursued a strategy to seek investment opportunities in Central and Latin America, where it already clinched cooperation agreements with national oil companies of Nicaragua, Bolivia, and Argentina.

 

The group has so far 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 Law)