PetroVietnam Adds US$24Mln to Rong Oil Field
Vietnam’s state oil and gas monopoly PetroVietnam has received a license from the government for pouring an additional US$24 million into the project to set up the Rong Oil Field in Cuu Long Basin, offshore central Vietnam, a corporate source said.
The money will go to the development of exploitation technological diagram and construction of oilrig in the Central Rong Structure, adjacent to a number of other discoveries
The Prime Minister also assigned PetroVietnam to cooperate with its partner in the Vietsovpetro joint venture to outline the technological diagram.
According to Vietsovpetro, an oil and gas joint venture between PetroVietnam and Russia’s Zarubezhneft, its first found well in the Central Rong Structure can produce 5,300 barrels of crude oil a day.
The monopolist PetroVietnam plans to inject VND27.9 trillion ($1.76 billion) into its oil and gas projects in the country this year, including some $622 million for Ca Mau Gas-Electricity-Fertilizer Complex in southernmost Ca Mau province and $819 million for the Dung Quat Oil Refinery in central Quang Ngai province, the company source revealed.
PetroVietnam plans to tap 18 million tons of crude oil in 2006, 500,000 tons less than last year’s output.
Investment
Vietnamese
