Vietnam in offshore deal with Singapore, Kuwait firms

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Vietnam's state oil monopoly Petrovietnam has signed a contract to share oil and gas production in offshore Block 51 with firms from Singapore and Kuwait, a subsidiary said.

The contract, signed on May 12 between Singapore's Mitra Ernergy PTE Ltd, Kuwait's Kufpec Vietnam and Petrovietnam Exploration Production Corp (PVEP), would be effective for 25 years for oil and 30 years for natural gas, PVEP said in a statement.

Block 51 has an area of 3,566 sq km and it lies to the northeast of the Malay-Tho Chu basin, PVEP said on its website, www.pvep.com.vn. It gave no details about the value of the deal.

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