The Viet Nam Ministry of Planning and Investment has just licensed the Vietnam Oil and Gas Corporation (PetroVietnam) to invest US$208 million in exploring and exploiting oil and gas in Algeria.
This is the largest project of a Vietnamese enterprise in Africa.
Earlier, PetroVietnam Investment and Development Company (PIDC) and two partners, PTT Exploration and Production Plc (PTTEP) of Thailand and the Algerian National Oil and Gas Company (Sonatrach) had won the right to exploit two oil fields in blocks 433a and 416b in Algeria.
In the partnered project, PIDC owns 40%, PTTEP 35% and Sonatrach the rest.
The oil and gas reserves in block 433a and 416b are estimated at about 5,120 barrels per day.