PetroVietnam to look for oil overseas in 2011

TN News

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Vietnam's national oil and gas group PetroVietnam said Friday it will explore and produce oil in foreign countries starting next year.

PetroVietnam Chairman Dinh La Thang said the group will focus on oil fields in Venezuela.

The state-owned group refused to confirm recent speculation that Malaysia-based Petronas Carigali Overseas, one if its foreign partners, has found oil and gas in the Ham Rong-2X well, which is 75 kilometers from the northern province of Hai Phong.

PetroVietnam said earlier this year that it plans to expand operations overseas to prepare for a scenario when domestic oil sources are exhausted.

Reuters reported Tuesday that the group was reviewing whether to bid for BP's stake in a gas project in Vietnam. BP is trying to sell its assets to cover costs for containing the oil spill in the Gulf of Mexico.

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