In February, Petrovietnam gave SK Energy a 25-percent interest in block 15-1/05 off the country's southern coast.
The government said in a statement on Thursday that it had approved a Petrovietnam proposal for Total participation in the venture.
It did not say how much of the block's remaining 75 percent stake would be given to Total's exploration arm Total E&P.
Oil experts said the 3,800-square kilometre block 15-1/05 in the Cuu Long Basin is highly prospective as it is located very close to Vietnam's second-largest field, the Su Tu Den (Black Lion), which produces about 60,000 barrels of crude oil per day.
Su Tu Den's crude output is about one-fifth of Vietnam's total, which last month rose 11.8 percent from June to 315,900 barrels per day (bpd), the government has said.
Friday, August 17, 2007
Vietnam allows Total to join oil exploration
Posted by Saigon Charlie