The Vietnam National Oil and Gas Group (PVN) has entered a partnership with the State Oil Co. (ATPG) of Azerbaijan to explore oil in Azerbaijan’s onshore block.
The agreement was signed in the Azerbaijan capital of Baku on May 18, the Azeri producer, Socar, said on its website.
Under the agreement Socar and PVN will jointly restore, explore and develop the Muradxanli-Cafarli-Zardab block.
The block, discovered in 1971, is estimated to contain 1.8 million metric tonnes of oil and 36 million cubic meters of natural gas, according to Socar.
Azerbaijan, the third-largest oil producer in the former Soviet Union after Russia and Kazakhstan, pumped 45.6 million tonnes of oil and 25.8 billion cubic meters of gas last year.