Eric Watkins
Senior Correspondent
LOS ANGELES, Feb. 16 -- Vietnam's state-owned Petrovietnam has signed a production-sharing agreement with a joint venture of Petrovietnam E&P Co. (PVEP) and South Korea's SK Corp. for the exploration of Block 15-05 in the Cuu Long basin off Vung Tau, Vietnam.
Under the PSA the JV partners—PVEP, operator with 75% and SK with 25%—have agreed to invest as much as $28 million for a 3-year period of exploration of Block 15-05.
SK already holds a 9% stake in the adjacent Block 15-1, which has produced a reported 300 million bbl of crude and more than 3 tcf of gas.
Contact Eric Watkins at hippalus@yahoo.com.