PVEP to explore oil in Peru

VGP - The PetroVietnam Exploration and Production Corporation (PVEP) expanded its presence in South America by holding over 50% of a project to explore oil in Peru, from London-based Perenco SA.

June 25, 2012 7:29 AM GMT+7

A PetroVietnam Exploration and Production Corp drilling platform

PVEP and Perenco SA signed the deal for 52.6% of Block 67 in London on Thursday.

Speaking at the signing, Jean Michel Jacoulot, Perenco CEO, said he hoped the joint operation would be the first of many between the two companies.

Congratulating new partners PVEP, he praised the company's previous operations as well as its specialists, technicians and workers.

"We found a good partnership can be established," he said.

Mr. Jacoulot also said he hoped that the first oil would flow from Block 67 by the middle of next year.

Chairman and CEO of PVEP Do Van Khanh said the expansion of PVEP operations in the South America played an important role in its strategy to reach further into overseas markets.

The output of oil from this project would help ensure national energy security, he added. Currently, PVEP, one of PetroVietnam's key companies, has 44 domestic projects in operation and 19 overseas in 15 countries around the world.