PetroVietnam negotiates with Algeria for 2nd phase of oil & gas joint venture
On November 7, 2022. a delegation of the Vietnam Oil and Gas Group (Petrovietnam) led by Chairman of Members' Council Hoang Quoc Vuong had a working session with representatives from relevant agencies of Algeria to speed up the implementation of the second phase of a tripartite joint venture project at the Bir Seba field in Algeria.
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| PetroVietnam negotiates with Algeria for 2nd phase of oil & gas joint venture: The delegation led by Chairman of Members' Council Hoang Quoc Vuong visits a plant of the Bir Seba field . (Photo: VNA) |
The joint venture of Petrovietnam Exploration Production Corporation (PVEP) under Petrovietnam, Thailand's PTT Exploration and Production Public Company and the national state-owned oil company of Algeria - Sonatrach Group was established in 2009 with total investment of 1.26 billion USD.
In the first phase, the Bir Seba field produces 20,000 barrels of oil per day. Since welcoming the first oil flow in August 2015, the project has pumped a total of 44.27 million barrels. It is considered a bright spot in the bilateral cooperation between Vietnam and Algeria.
The second stage of the joint venture project is expected to welcome the first oil flow in the first quarter of 2016, also with a design capacity of 20,000 barrels per day.
On November 7, on the occasion, the Vietnamese delegation had a meeting with Algerian Minister of Energy and Mines Mohamed Arkab, during which the two sides reviewed the oil and gas partnership between Sonatrach and Petrovietnam, and assessed the prospects for expanding cooperation between the two sides in the coming time.
Minister Arkab invited the Vietnamese firm to further invest in the oil and gas industry in his country, and set up more win-win partnerships.
For his part, Chairman of Members' Council Vuong expressed his satisfaction with the quality of the Petrovietnam - Sonatrach cooperation, and showed interest in increasing investment in Algeria, especially in existing oil and gas projects as well as new ones.
(Source: VNA)
