Petrovietnam, Petronas Extend PSC for Offshore Block

Vietnam's state oil firm Petrovietnam and Malaysia's Petronas signed a deal to extend their long-standing Production Sharing Contract for an offshore oil block that overlaps a maritime boundary between the two countries, Petrovietnam said on Wednesday.

The contract for the Block PM3 CAA will be extended by 20 years from 2028, Petrovietnam said in a statement.

The two companies first signed the contract more than three decades ago, and have since produced more than 250 million barrels of oil and 1.6 trillion cubic feet of gas, according to the statement.

Late last month, Petrovietnam's gas arm, Petrovietnam Gas, said it and Petronas were assessing the possibility of signing long-term contracts to buy liquefied natural gas from the Malaysian state energy firm.

(Reuters - Reporting by Khanh Vu; Editing by John Mair)