5:20:52 PM | 2/8/2006
Prime Minister Nguyen Tan Dung has approved of the expenditure of over US$54 million for the project to explore and appraise oil and gas in a basin near Hanoi in the 2006-07 period, local media reported.
The money is used to conduct explorative drills in three wells, including one backup one, carry out three assessment drills, including two backup ones and process 2D seismic data and other activities.
Vietnam Oil and Gas Corp. (PetroVietnam), which submitted the project, will be responsible for approving seismic, drilling and expenditure calculations for the drilling activities, conducting annual studies and engineering implementation paces, quality and efficiency of the project.
The state oil and gas monopolist must report implementation results of this project to the Prime Minister.
PetroVietnam plans to inject VND27.9 trillion (US$1.76 billion) into its oil and gas projects in the country this year, including some US$622 million for Ca Mau Gas-Electricity-Fertilizer Complex in southernmost Ca Mau province and US$819 million for the Dung Quat Oil Refinery in central Quang Ngai province, the company source revealed.
Pioneer, Vietnam Economic Times
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