The event also saw the participation of Algerian Prime Minister Abdelmalek Sellal.
The Sonatrach is partnering with the PetroVietnam Exploration Production Corporation (PVEP) in Groupement Bir Seba joint venture that exploits Bir Seba and MOM petroleum fields at lots 433a and 416b in Algeria ’s Sahara desert.
The joint venture is considered a successful model of cooperation between Vietnam and Algeria , and a lucrative investment abroad of the Vietnam National Oil and Gas Group (PetroVietnam).
Apart from Sonatrach and PVEP, the project also has the involvement of Thailand ’s PTT Exploration and Production Company (PTTEP) with participating interests of 25 percent, 40 percent and 35 percent, respectively.
Launched in 2002, it is scheduled to exploit first commercial oil batch from Bir Seba and MOM fields in July this year with an output of 2,900 tonnes of oil, or 20,000 barrels per day. The figure will be raised to 5,800 tonnes (40,000 barrels) per day between 2018 and 2021. In 25 years of operation, the project is expected to produce about 30 million tonnes or 200 million barrels.
According to the PetroVietnam, the firm will bring home up to 150 million USD from oil sales, and will recoup its investment in six years.
Addressing the event, PM Nguyen Tan Dung described the project as a symbol of the successful partnership between Vietnam and Algeria , which contributes to the promotion of the traditional friendship and sound cooperation between the two countries and paves the way for both sides 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 the Sonatrach and PVEP to exploit more nearby oil fields in the future. On its part, the Vietnamese Government will support and create favourable conditions for the firms to conduct exploration and exploitation in Vietnam’s continental shelf as well as in a third country, PM Dung pledged.
At Sonatrach headquarters, PM Nguyen Tan Dung and his Algerian counterpart witnessed the signing of a strategic partnership between Sonatrach and PetroVietnam.
The Sonatrach is partnering with the PetroVietnam Exploration Production Corporation (PVEP) in Groupement Bir Seba joint venture that exploits Bir Seba and MOM petroleum fields at lots 433a and 416b in Algeria ’s Sahara desert.
Prime Minister Nguyen Tan Dung on June 2 visited Sonatrach, the Algeria state-owned oil and gas company
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Apart from Sonatrach and PVEP, the project also has the involvement of Thailand ’s PTT Exploration and Production Company (PTTEP) with participating interests of 25 percent, 40 percent and 35 percent, respectively.
Launched in 2002, it is scheduled to exploit first commercial oil batch from Bir Seba and MOM fields in July this year with an output of 2,900 tonnes of oil, or 20,000 barrels per day. The figure will be raised to 5,800 tonnes (40,000 barrels) per day between 2018 and 2021. In 25 years of operation, the project is expected to produce about 30 million tonnes or 200 million barrels.
According to the PetroVietnam, the firm will bring home up to 150 million USD from oil sales, and will recoup its investment in six years.
Addressing the event, PM Nguyen Tan Dung described the project as a symbol of the successful partnership between Vietnam and Algeria , which contributes to the promotion of the traditional friendship and sound cooperation between the two countries and paves the way for both sides 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 the Sonatrach and PVEP to exploit more nearby oil fields in the future. On its part, the Vietnamese Government will support and create favourable conditions for the firms to conduct exploration and exploitation in Vietnam’s continental shelf as well as in a third country, PM Dung pledged.
At Sonatrach headquarters, PM Nguyen Tan Dung and his Algerian counterpart witnessed the signing of a strategic partnership between Sonatrach and PetroVietnam.
