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The list of nine investors was created from 38 firms joining the tender held on December 31, 2008, including Rosneft and Tatneft of Russia, Kazakhstans KazMu-naiGas, PetroVietnam, Sonangol of Angola, Pakistan Petroleum, Japanese Jogmec, Oil India, and British Cairn Energy PLC. These investors will be invited to join the second tender round.
The Iraqi oil minister, Hussein al-Shahristani, said that Iraq called for participation of foreign investors in its oil and gas exploration and drilling projects in order to increase total oil output to 2.5 million barrels a day. Iraq is the country with the third largest oil reserve in the world with over 115 billion barrels, after Arab Saudi and Iran.
At the press conference, held last Friday in Hanoi to review PetroVietnam's business in the first quarter this year, PetroVietnam chairman, Dinh La Thang, said the group needed investment capital of about VND185 trillion (US$10.57 billion) during 2009-10 for oil and gas exploitation domestically and abroad, power and others.
"The capital will come from various resources, including commercial loans, corporate bond issuance, equitisation," he said. "Particularly, the capital for the joint venture with Venezuela is nearly $300 million this year," he added.
The group's Deputy Director General Phung Dinh Thuc said at the conference that PetroVietnam churned out 4.42 million tonnes of crude oil in the first quarter.
"However, the output from oil fields abroad only accounted for a small portion at 200,000 tonnes," he said.
He hoped output from oil and gas exploitation projects in Venezuela, Russia and Algeria contribute a bigger portion to its production level.
The projects in Russia and Algeria are expected to yield oil by late this year and in Venezuela by 2012.
(VNA)
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