3:38:22 PM | 22/10/2007
Vietnamese government said October 17 that it has allowed its affiliate, PetroVietnam Exploration and Production Corporation (PVEP), to invest in oil and natural gas exploration and production at Blocks PM 304 and SK 305 in Malaysia.
Prime Minister Nguyen Tan Dung approved the investment plan for the blocks, the government web site said and did not mention detailed information about the block’ locations, reserves, possible investment capital, and timetable for the start and exploration of the project.
The government leader assigned the Ministry of Planning and Investment to timely issue amended investment licenses to the blocks.
According to MPI, the state-owned oil monopoly PetroVietnam group August 15, 2005 received investment license for Block PM 304 in Malaysia.
PetroVietnam will invest US$9.9 million to explore and produce oil and natural gas at the block within 22 year, it said.
The group June 13, 2003 got investment license from the ministry to invest US$6.8 million in oil and natural gas exploration and production at Block SK 305 in the regional country. The investment will span five year, said the ministry. (Government Website)
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