Vietnam's state-run energy company PetroVietnam will exploit a new offshore oil field from next year with Canadian and Malaysian partners, a company official said Friday.

PetroVietnam founded a joint-venture with Canada's Talisman and Malaysia's Petronas to invest around 100 million dollars in the Song Doc field, 20 kilometres (12 miles) off southern Vung Tau city, said spokesman Vu Van Mao.

"The field is potentially rich in both gas and oil," he told AFP. "Commercial exploitation should start in late 2007."

The Vietnamese company holds 40 percent of the joint-venture, while Talisman Energy Inc and Petronas equally share the remainder.

Vietnam, despite having sizeable oil reserves, with 18.5 million tonnes produced last year, still has no operating refineries and relies on imported petroleum-based products.