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43

Vietnam Pumped its First Oil

The Vietnamese petroleum industry recently pumped its first crude oil

The Vietnamese petroleum industry recently pumped its first crude oil from an overseas well, as the PetroVietnam Investment and Development Co began exploiting oil from Block PM304 in Cendor oil field, offshore from Malaysia.

Block PM304 is operated under a production ? sharing agreement by the UK?s Petrofac, which holds 30 per cent, along with Malaysia?s Petronas Carigali Sdn Bhd of Malaysia (30 per cent), Kufpec of Kuwait (25 per cent) and PIDC (15 per cent).

"To ensure the energy security of the nation, PetroVietnam has actively pursued petroleum exploration and production projects abroad," said PetroVietnam general director Tran Ngoc Canh.

The first crude oil production from Cendor marked a significant milestone for PIDC since it began investments overseas in 2001, said PIDC.