PVEP expands operations in South America

June 23, 2012 | 14:03

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The PetroVietnam Exploration and Production Corporation (PVEP) has expanded its presence in South America by acquiring over 50 per cent of a project to explore for oil in Peru, from the London based oil and gas company Perenco SA.

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PVEP and Perenco SA signed the deal for 52.6 per cent of Block 67 in London on June 21. This brings the number of exploration projects which PVEP has in overseas markets to 19 so far.

When speaking at the signing, Jean Michel Jacoulot, Perenco’s CEO, said that he hopes the joint operation will be the first of many between the two companies.

As he congratulated his new partners PVEP, he added that he is impressed with PVEP’s previous operations and he has a high regard for the company’s specialists, technicians and workers. “We found a good partnership can be established,” he said.

Jacoulot also said he hopes that the first oil will flow from Block 67 by the middle of next year.

The chairman and CEO of PVEP, Do Van Khanh, said that the expansion of PVEP’s operations in the South American country played an important role in its strategy to reach out further into overseas markets.

The output of oil from this project will help to ensure national energy security, he said.

Currently, PVEP, one of PetroVietnam’s key companies, has 44 domestic projects in operation and 19 overseas in 15 countries around the world.

VIR/VNA

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