PetroVietnam Invests $208Mln in Algeria
The Vietnamese Ministry of Planning and Investment has licensed the Vietnam Oil and Gas Corp. (PetroVietnam) to invest US$208 million in an oil and gas exploration and exploitation project in Algeria.
This is the largest investment project of a Vietnamese company in Africa. PetroVietnam has been awarded the 433a and 416b blocks in Algeria where the daily output may reach 5,120 barrels a day.
PetroVietnam holds 40 per cent of the blocks, Thailand’s PTT Exploration & Production Plc (PTTEP) 35 per cent and Algeria’s Sonatrach 25 per cent. Apart from Algeria, PetroVietnam also keeps interests in Indonesia, Mongolia, Iran, Iraq and Malaysia.
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