Santos signs new Vietnam deal -

Oil and gas producer Santos Ltd has signed a production sharing contract (PSC) in Vietnam with the Vietnam Oil and Gas Corporation, or PetroVietnam.
Under the contract, Santos will operate the so-called Block 101-100/04 in the offshore Song Hong Basin, holding a 55 per cent interest in the venture.
Singapore Petroleum Company Ltd will hold the remaining 45 per cent stake.
Under the deal, the pair are required to process and interpret existing seismic data, acquire and process new 3D seismic, as well as drill one exploration well within the first three years of exploration, Santos said in a statement.
The contract's term runs for 30 years, with an exploration period of seven years.
© 2006 AAP