PetroVietnam signed a contract on an oil lot of 6,981sq.km along the central coast of Vietnam with the US Chevron Company and Petronas of Malaysia in Hanoi on April 28.

The 30-year contract on the lot codenamed 122 is the 52^nd of its kind that Petro Vietnam has signed with foreign partners since 1988.

Lot 122 is part of Phu Khanh oilfield, which was put for international auction by Petro Vietnam in October of 2004.

The contract executive Chevron Vietnam Phu Khanh Co. Ltd. and its partner Petronas Carigali Overseas sdn. Bhd. enjoy equal shares in the contract. The exploration, including the drilling of an oil well in three years, is expected to last seven years. Once oil is discovered, Petrol Vietnam will be given up to 20 percent of the lot's profits.