Petrovietnam to join Nicaragua in offshore oil search

HANOI: The Vietnam National Oil and Gas Group (PetroVietnam) said it has signed an overall oil and gas cooperation agreement and a deal with Petroleum of Nicaragua, or Petronic, to jointly assess some oil fields located offshore Nicaragua.

Once reserves are discovered, the two companies will negotiate and sign oil production contracts, PetroVietnam said. The inked agreement is an important foundation for the two sides to step up bilateral cooperation in energy, particularly in oil and gas, and other related services, the group added. PetroVietnam has pursued a strategy to explore investment opportunities in America, where it already signed a number of oil and gas contracts with its partners from Cuba, Venezuela and Peru.

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