Updated  
April, 07 2014 08:22:00

PVEP taps first oil at latest Peru project

The PetroVietnam Exploration and Production Corporation (PVEP) began producing oil commercially from Block 67 off the coast of Peru on April 1.— Photo PVEP

HA NOI (VNS) — The PetroVietnam Exploration and Production Corporation (PVEP) began producing oil commercially from Block 67 off the coast of Peru on April 1, according to the Vietnam National Oil and Gas Group (PVN).

Block 67 is PVN's second project in Peru after nearby Block 39 and is PVEP's first overseas property.

Previously PVEP negotiated with oil exploration and production group Perenco to buy 52.6 percent of Perenco Peru Limited's shares. The holding permits PVEP to earn 50 percent of profits from Block 67.

Initial oil output from Block 67 is 6,000 barrels a day, which will be sold at a station 600km away.

At an April 1 ceremony in Peru's capital Lima , PVN General Director Do Van Hau said the commercial exploitation of oil from Block 67 demonstrated the group's increased penetration into key areas such as Russia, Southeast Asia, Northern Africa, the Middle East and Latin America.

Luis Ortigas Cuneo, chairman of Peru's national oil and gas group PeruPetro, said this was the first time in 40 years a foreign joint venture had exploited oil fields in Peru despite the geographical and geological difficulties. — VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Mountains of coal sludge still threat to lives in Quang Ninh Mountains of coal sludge still threat to lives in Quang Ninh

Wiping sweat from his forehead, 36-year-old Trinh Duc Sang took big strides along a road covered with muddy coal sludge and dirt to the place that was his home until just three weeks ago. He climbed a rickety ladder that buckled under his weight to reach his neigh-bour's house overlooking a creek. From there, he crossed into his old home.

Vietnam Airlines launches new-generation Airbus plane Vietnam Airlines launches new-generation Airbus plane

The national flagship carrier Vietnam Airlines held a ceremony on July 2 to receive its first Airbus 350-900 aircraft and announce its upgrade service quality programme and new brand identifying system, marking a major step in bringing the airline into the international arena.

Wounds begin to heal between US, Viet Nam 1    Wounds begin to heal between US, Viet Nam

Pham Ba Lu swore thousands of times that he "would not live under the same sky as the United States".

Mental disorders affect 10% of Viet Nam's population: MoLISA Mental disorders affect 10% of Viet Nam's population: MoLISA

Nearly 9 million people in Viet Nam, or 10 per cent of the population, suffer from mental disorders, including 2.5 per cent with serious mental illnesses under social protection.