VIB Inks Credit Cooperation with PVEP

Vietnam International Bank (VIB), Asia Commercial Bank (ACB) and Saigon - Hanoi Commercial Joint Stock Bank (SHB) have jointly signed a credit agreement with PetroVietnam Exploration Production Corporation (PVEP). Accordingly, the three Vietnamese banks will jointly provide a loan of up to US$51.12 million to PVEP to exploit oil and gas in the Ca Ngu Vang (Gold Tuna) oilfield. VIB is the arranger for the credit.

 

Under a credit agreement, PVEP will use the five-year loan in US dollar to pay for the development and exploitation of oil and gas at the oilfield, located east of Vietnam’s continental shelf. VIB is the largest provider with US$18.62 million, or 36.42 % of the total credit.

 

The Ca Ngu Vang oilfield in the Cuu Long Basin, offshore Vietnam, was prospected in October 2002 and the reserve was announced in April 2006. A plan for commercial production was approved on December 12, 2006 with the participation of PVEP of Vietnam, Soco Vietnam Ltd of the UK, the PTTEP Hoan Vu Co Ltd of Thailand and the Hoan Vu Joint Operating Company. Exploitation of the field began in July 2008 with a daily output of between 10,000 and 20,000 barrels of oil and 25-50 million cubic metres of natural gas.