PetroVietnam Seeking More Rights to Decide Investment Projects

The state-owned oil monopoly PetroVietnam is seeking permission from the prime minister to have rights to approve domestic oil and gas exploration and production projects costing below VND3 trillion (US$176.47 million).

 

If approved, the time for assessing and ratifying the projects will be shortened, creating initiative in implementing oil and gas projects.

 

PetroVietnam has so far poured more than US$226 million into 21 projects overseas, with nearly 90 per cent of the investment going to development and exploitation and the rest to exploration, mainly in Myanmar, Cambodia, Egypt, Tunisia, India, Angola, and Cameroon.

In the first three months, the group signed five more new contracts including one overseas; reached cooperation deals on oil and gas exploration and production with state oil firms from Argentina, Bolivia and Nicaragua; as well as clinched two agreements with Nicaragua’s Petronic to jointly assess some oil fields located in the American country’s Miskito and Sandino bays. (Labor)