Photo: pvoil.com.vn

PANO - The first batch of oil exploited from Lots 433a-416b in Algeria under the Bir Seba Oil Field Exploitation Project was flown to the central processing system at 17:10 (Hanoi time) on August 12th, according to the Vietnam National Oil and Gas Group (PetroVietnam).

The exploitation of oil at Lots 433a-416b in Algeria’s Bir Seba is jointly implemented by the PetroVietnam Exploration Production Corporation (PVEP), Thailand’s PTT Exploration and Production Company (PTTEP), and Sonatrach- the Algeria state-owned oil and gas company with the benefit shares of 40%, 35% and 25%, respectively.

At the first stage of the project, an output of 20,000 barrels of oil per day is expected to be exploited and the figure would double in the second stage.

The first batch of the exploited oil is seen as a landmark in the outstanding development of the Vietnam oil and gas sector because it is the first overseas project, in which the Vietnamese group has participated in the entire process from searching and exploring oil to monitoring oil field development and commercial production.

This first success has also marked effective economic cooperation between Vietnam and Algeria.

Translated by Mai Huong