Thursday, January 24, 2008

Vietnam eyes oil production in Azerbaijan

The FINANCIAL -- According to APA-Economics, the Vietnam’s National Oil and Gas Corporation (PetroVietnam) takes great interest in oil projects in Azerbaijan.

“The Corporation is taking bidding procedures to acquire an oil well in Azerbaijan and if wins the contract, tapping oil will commence this year,” PetroVietnam General Director Tran Ngoc Canh told a media briefing.

He added that negotiations are under way.

PetroVietnam has so far signed 13 overseas exploration and exploitation projects. PetroVietnam pumped almost 22.7 million tonnes of oil in 2007, 100,000 tonnes of which were tapped in foreign countries. It also exported more than 15.7 million tonnes of oil for $8.8 billion.