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PetroVietnam (PVEP) | Foundation for Defense of Democracies
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PetroVietnam (PVEP)





Date: March 2008 - Unclear

Deal: PetroVietnam and the National Iranian Oil Company (NIOC) signed a deal for the exploration of the Danan oil field in southwestern Iran, Reuters reported (Reuters, March 12, 2008). According to Press TV, the company committed to an approximately $115 million, four-year buy-back contract for exploration investments (PressTV (Iran), August 9, 2008). The company's plan, according to the BBC, was "to develop and drill some exploratory hydrocarbon wells" (BBC Worldwide Monitoring/ Petroenergy Information Network, March 12, 2008).

According to Iranian sources, PetroVietnam was slated to begin work in Danan in August 2008 (Shana (Iran), July 27, 2008).

According to the Iranian press, the country's oil minister urged PetroVietnam to begin seismic operations at the Danan oil block in January 2012. PetroVietnam has reportedly invested $20 million thus far (Tehran Times, January 8, 2012.)

U.S. Business Ties: According to USASpending.gov, PetroVietnam has not received any contracts from the U.S. government in the past 10 years (USASpending.gov, accessed July 16, 2014).

Last Updated: August 4, 2014