Vietnam oil company on a roll
Tuesday, April 15, 2008 Free Headline Alerts
CAIRO — Vietnam set a record for discovering oil in Algeria.
PetroVietnam found oil in the Bir Seba field, located in the Saharan Touggourt area, after 63 drilling days. Industry sources said this was the shortest drilling period ever recorded.
PetroVietnam has also signed a contract with Kuwait and Japan for a $2.5 billion oil refinery and petrochemical complex. The Vietnamese company was also preparing for oil and gas exploration projects in Iran and Tunisia, Middle East Newsline reported.
The sources estimated that the Algerian oil field would produce more than 5,000 barrels a day. They said full production could begin in 2009.