The Petro Vietnam Exploration and Production Co. (PVEP) is to commence exploration and development of Iran’s Danan oilfield on 1 August. PVEP signed a four-year contract with the National Iranian Oil Co. in February to develop the SW oilfield. The deal includes the drilling of three exploratory wells. Under the buyback contract, the Vietnamese energy firm will receive remuneration for its investment in the form of an allocated production share over a 25 year period. Danan is one of 17 oil and gas blocks in the Persian Gulf that the Iranian government recently put on offer for exploration and development.