The PetroVietnam Exploration and Production Corporation (PVEP) and Cambodia's National Petroleum Authority (CNPA) signed a contract on Nov. 12 to drill for oil in block XV, northeast of Tonle Sap Lake, on Cambodia’s mainland.
Under the contract, signed by PVEP’s President and CEO Nguyen Vu Truong Son and the Cambodian Deputy Prime Minister cum CNPA Chairman Sok An, the Vietnamese partner will hold a 100 percent interest.
The project will be managed and operated by PVEP-Mekong, a subsidiary of PVEP who is currently operating oil fields in Laos and Myanmar.
The duration of the contract is 30 years for oil and 35 years for gas and exploration is expected to take seven years.
According to Nguyen Vu Truong Son, the contract plays an important role in developing the comprehensive relationship between Vietnam and Cambodia, and is also a breakthrough for the two countries in working together in the oil and gas industry.
The contract is PVEP’s 55 th project and the 17 th project it operates by itself./.