Last Updated :
13 November 2009 at 14:30 IST
Vietnam’s PVEP to start Cambodia oil drilling
PHNOM PHEN (Commodity Online) : Cambodia's National Petroleum Authority (CNPA) and Vietnam’s PetroVietnam Exploration and Production Corporation (PVEP) signed a contract to drill for oil in block XV, in Cambodia’s northeast of Tonle Sap Lake.
Under the contract, PetroVietnam Exploration and Production Corporation (PVEP) will hold a 100 per cent interest.
The project will be managed and operated by PVEP-Mekong, a subsidiary of PVEP which is currently operating oil fields in Laos and Myanmar.
The duration of the contract is 30 years for oil and 35 years for gas, and exploration is expected to take seven years.
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