Vietnam awards oil exploration deal to Kuwaiti firm

13 May 2010

(MENAFN) A senior official at the Kuwait Foreign Petroleum Exploration Company (KUFPEC) said that the company has signed a deal for oil exploration in the southern coastal area of Vietnam, referred to as Block 51, Reuters reported.

The official noted that the petroleum exploration would be conducted in an area of 3,566 square-kilometers, adding that the deal came in line with KUFPEC’s 2030 plan to increase oil and gas production.

KUFPEC will take 35 percent of the oil discovery in Block 51 with PVN having 30 percent, while Mitra Enegry Limited would get around 35 percent.

Block 51 is an area neighboring Malaysia and Thailand natural gas and oil fields.

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