Vietnam signs oil and gas contract with US Companies

Ha Noi, Nov. 17 (VNA) -- The Viet Nam Oil and Gas Corporation (PetroVietnam) signed a product sharing contract (PSC) with Samedan Vietnam Ltd. and the OPECO International Gas Ltd. of the U.S. in Ha Noi on Nov. 17, for the 2,000 sq. km. lot 12W in Nam Con Son basin, offshore Viet Nam's continental shelf.

The contractors had drilled two wells in Hai Au field, estimating reserves of 5-7 billion cu. m. of gas and 0.6-0.7 million barrels of condensate oil.

The contract has a duration of 25 years for crude oil and 30 years for natural gas.

PetroVietnam holds up to 15 percent of the rights and obligations under the contract.