The two joint venture partners signed a production sharing contract for Blocks 39 and 40/2 this week in Hanoi.
The two permits are off south-west Vietnam in an area of about 11,630 square kilometres in water depths of about 50 metres, said PetroVietnam.
Idemitsu holds a 75% operator interest in the two blocks, with Sumitomo owning 25%.
PetroVietnam said it has back-in rights to a 30% interest in any commercial discovery.
The
