Salamander Energy of UK plans to begin drilling next year in northern Vietnam to open a new region to production. Vietnam’s oil currently comes from fields off its southern coast, where 300,000 barrels a day are pumped, fourth in Southeast Asia behind Indonesia, Malaysia and Thailand.
Salamander has agreed to buy a 50% stake in an offshore northern Vietnamese region that has is believed to have 138 million barrels of oil. That will support Vietnam’s plans to build a second oil refinery 125 miles south of Hanoi, with the hekp of Kuwait Petroleum International and two other foreign companies.
Salamander also has stakes in the Mekong Delta region, where it hopes to begin drilling next month for up to 80 million barrels of oil.
More on oil drilling in northern Vietnam