VN, Myanmar sign oil and gas contract

17:04 | 02/04/2015

VGP – The PetroViet Nam Exploration and Production Corporation (PVEP) has recently signed a joint co-operation agreement for oil and gas exploration and extraction in Myanmar.

At the signing ceremony

Signatories in Naypyidaw, Myanmar  were representatives from the PVEP, the Myanmar Oil and Gas Enterprise (MOGE) and the Italian Eni Group.

Italian Eni SpA for exploitation of MD2 and MD4 oil fields located southern Bengal Bay. The two are the largest to have been discovered in the country, with an area of over 16,000 square kilometres.

The contract includes a 2-year study period and an exploration phase lasting six years.

The event marks an important step in expanding PVEP operations abroad.
PVEP has conducted oil and gas activities in Myanmar since 2008.

The newly-signed PSC is an important move in the PVEP’s strategy to boost its oil and gas exploration and exploitation abroad and serves to further consolidate the cooperative relations between the two nations.

From 2007 to 2013, the corporation generated $2.05 billion in revenue and $1.1 billion in pre-tax profits. It also paid $658 millionin taxes to the state budget.

                                                                                                                                By Vien Nhu