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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1836)9/12/2000 2:33:07 PM
From: Tomas  Read Replies (2) of 2742
 
Vietnam expects demand for gas to more than triple in the next five years

Gazprom, Petrovietnam to Explore Natural Gas Deposit in Vietnam
By Eduard Gismatullin

Moscow, Sept. 12 (Bloomberg) -- OAO Gazprom, Russia's natural gas monopoly, and Vietnam's state-owned Petrovietnam agreed to spend $68 million to explore a natural gas deposit offshore Vietnam to help meet the country's growing demand for electricity.

The companies, through a 50-50 joint venture, will drill in a deposit in the Gulf of Tonkin with estimated reserves of 1 trillion cubic meters of gas. If they find gas, the companies plan to spend more than $1 billion to start producing in 2005.

Vietnam expects demand for gas to more than triple in the next five years to 5 billion cubic meters, said Nguyen Nham, president of chief executive officer of Petrovietnam. Currently all gas in the country is produced together with oil.

The additional gas would be used ``for electricity generation and fertilizer production as Vietnam is the world's second rice exporter,'' Nham said.

Gazprom and Petrovietnam plan to drill a total five wells over the next three years. To develop production, they'll use two rigs to drill 40 wells. The venture plans later to start a liquefied natural gas plant to sell to southern regions of China.
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