Prime Minister Nguyen Tan Dung on June 2 visited Sonatrach, the Algeriastate-owned oil and gas company, and attended a ceremony to inauguratethe installation of the gathering system for Bir Seba oil fielddevelopment project.
The event also saw the participation of Algerian Prime Minister Abdelmalek Sellal.
The Sonatrach is partnering with the PetroVietnam ExplorationProduction Corporation (PVEP) in Groupement Bir Seba joint venture thatexploits Bir Seba and MOM petroleum fields at lots 433a and 416b inAlgeria ’s Sahara desert.
The joint venture isconsidered a successful model of cooperation between Vietnam andAlgeria , and a lucrative investment abroad of the Vietnam National Oiland Gas Group (PetroVietnam).
Apart from Sonatrach andPVEP, the project also has the involvement of Thailand ’s PTTExploration and Production Company (PTTEP) with participating interestsof 25 percent, 40 percent and 35 percent, respectively.
Launched in 2002, it is scheduled to exploit first commercial oil batchfrom Bir Seba and MOM fields in July this year with an output of 2,900tonnes of oil, or 20,000 barrels per day. The figure will be raised to5,800 tonnes (40,000 barrels) per day between 2018 and 2021. In 25 yearsof operation, the project is expected to produce about 30 milliontonnes or 200 million barrels.
According to thePetroVietnam, the firm will bring home up to 150 million USD from oilsales, and will recoup its investment in six years.
Addressing the event, PM Nguyen Tan Dung described the project as asymbol of the successful partnership between Vietnam and Algeria ,which contributes to the promotion of the traditional friendship andsound cooperation between the two countries and paves the way for bothsides to expand their collaboration to other fields.
He praised the efforts of Vietnamese and Algerian workers and engineers engaging in the project during the past over 10 years.
He revealed that the Algerian Government has agreed to allow theSonatrach and PVEP to exploit more nearby oil fields in the future. Onits part, the Vietnamese Government will support and create favourableconditions for the firms to conduct exploration and exploitation inVietnam’s continental shelf as well as in a third country, PM Dungpledged.
At Sonatrach headquarters, PM Nguyen Tan Dung andhis Algerian counterpart witnessed the signing of a strategicpartnership between Sonatrach and PetroVietnam.-VNA
The event also saw the participation of Algerian Prime Minister Abdelmalek Sellal.
The Sonatrach is partnering with the PetroVietnam ExplorationProduction Corporation (PVEP) in Groupement Bir Seba joint venture thatexploits Bir Seba and MOM petroleum fields at lots 433a and 416b inAlgeria ’s Sahara desert.
The joint venture isconsidered a successful model of cooperation between Vietnam andAlgeria , and a lucrative investment abroad of the Vietnam National Oiland Gas Group (PetroVietnam).
Apart from Sonatrach andPVEP, the project also has the involvement of Thailand ’s PTTExploration and Production Company (PTTEP) with participating interestsof 25 percent, 40 percent and 35 percent, respectively.
Launched in 2002, it is scheduled to exploit first commercial oil batchfrom Bir Seba and MOM fields in July this year with an output of 2,900tonnes of oil, or 20,000 barrels per day. The figure will be raised to5,800 tonnes (40,000 barrels) per day between 2018 and 2021. In 25 yearsof operation, the project is expected to produce about 30 milliontonnes or 200 million barrels.
According to thePetroVietnam, the firm will bring home up to 150 million USD from oilsales, and will recoup its investment in six years.
Addressing the event, PM Nguyen Tan Dung described the project as asymbol of the successful partnership between Vietnam and Algeria ,which contributes to the promotion of the traditional friendship andsound cooperation between the two countries and paves the way for bothsides to expand their collaboration to other fields.
He praised the efforts of Vietnamese and Algerian workers and engineers engaging in the project during the past over 10 years.
He revealed that the Algerian Government has agreed to allow theSonatrach and PVEP to exploit more nearby oil fields in the future. Onits part, the Vietnamese Government will support and create favourableconditions for the firms to conduct exploration and exploitation inVietnam’s continental shelf as well as in a third country, PM Dungpledged.
At Sonatrach headquarters, PM Nguyen Tan Dung andhis Algerian counterpart witnessed the signing of a strategicpartnership between Sonatrach and PetroVietnam.-VNA
