Singapore Petroleum Corp (SPC) has announced it has budgeted over US$300 million over the next two years to buy into oil and gas fields around SE Asia in an attempt to raise its daily output of crude.
In a statement SPC said, “The company aims to raise its output to 30,000 barrels of oil per day by buying into production sharing contracts. SPC is now in talks with several companies in the ASEAN region and aims to conclude deals in the next two or three months.”
“[SPC] will start drilling its first well in waters off Vietnam with three partners including Petronas and PetroVietnam,” it added without elaborating further.
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