Pearl Oil-led group gets Vietnam offshore block

Hanoi: Singapore-based Pearl Oil (Taconite), part of Pearl Energy, and its partners have signed a contract with state oil group Petrovietnam for the concession of an offshore oil and gas block.

Pearl Oil, international oil exploration firm Serica Energy and Lundin Petro-leum of Sweden signed the concession agreement with Petrovietnam on Monday for Block 06/94, which is located in the natural gas-rich Nam Con Son Basin, about 350 km off Vietnam's southern coast. The three firms would invest a combined $49.3 million in a drilling campaign over the next three years, state media said. It was unclear what percentage each firm has in the venture.

Pearl Energy is owned by Abu Dhabi-based Aabar Petroleum.

Last week, Petrovietnam Investment and Development's exploration director Le Van Truong said Petrovietnam could offer around 20 blocks for oil and gas exploration this year.