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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: balisurf who wrote (855)12/11/1998 8:39:00 AM
From: Tomas  Read Replies (1) of 2742
 
Offshore Magazine 58:11. Vietnam

Vietnam is also attracting international interest with the granting of exploration contracts and several discoveries. PetroVietnam, the state oil company, is in the final stages of negotiations with foreign companies for five exploration contracts and are expected to be completed by early next year.

The locations of the permits have not been released, but are expected to be off the southern coast. The company has signed its 33rd agreement with foreign partners for oil and gas exploration. PetroVietnam signed an agreement originally announced last year with Geopetrol of France, a Conoco-led consortium, and two South Korean companies for the exploration of Block 15-1.

PetroVietnam also signed a pre-unitization agreement with Malaysia's Petronas covering the extension of the Bunga Kekwa oil field from the PM-3 Commercial Arrangement Area into Vietnamese waters. the agreement allows the parties involved in the development of the field to begin working on the potential unitization of the field and incorporate the Vietnamese extension into the plans.

Lundin Oil, Unocal, and JVPC have proven the potential of the Vietnam offshore play in recent months with several coveries. Lundin discovered the new North Bunga Pakma oil and gas field situated in Block PM-3 in the Commercial Arrangement Area between Malaysia and Vietnam. While Unocal encountered gas success in Block B off the southwestern coast with the company's first well in Vietnam. And JVPC has made a new oil find in Area A of the Ran Dong oil and gas field.
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