Hanoi—State-owned PetroVietnam’s upstream arm PetroVietnam Exploration Production Corp., or PVEP, has received a $140 million loan to develop block 15-2/01 offshore southern Vietnam. The loan is for seven years and was granted by five local banks: Ocean Bank, Vietnam International Bank, Military Bank, Lien Viet Post Bank and SeA Bank, PetroVietnam said October 30. Block 15-2/01 is located in the Cuu Long Basin, the major oil producing basin offshore Vietnam, and is operated by PVEP and Canada-based Talisman via their joint-venture Thang Long Joint Operating Company. The JV was established in 2005 with PVEP holding 40% and Talisman 60%, PVEP said.
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