3:26:35 PM | 7/8/2005
The Vietnamese Prime Minister Phan Van Khai has in principle approved plans allowing PetroVietnam to start studies looking for crude oil and gas in the Song Hong (Red River) Basin, in the country’s northern region, according to state media Wednesday.
PetroVietnam’s plans will also cover deepwater areas in the East Sea, (Tolkin Gulf), said the media said.
The PM asked PetroVietnam, or the Vietnam Oil and Gas Corporation, to prepare exploration activities for the 2005-2010 period, and the state-owned firm will need to submit its annual budgetary schemes to the Government.
Studies have show the Song Hong Basin is rich in natural gas, which is enough to meet local demand from Hanoi and other northern industrial zones.
Currently, PetroVietnam is producing gas from a small-scaled pump station in Tien Hai district, Thai Binh province, in the center of the Song Hong delta region, which is 150 kilometers from Hanoi.
Vietnamese
