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VietNamNews

PetroVietnam buys up Chevron's VN assets

Update: June, 19/2015 - 08:02

An offshore-oilrig on the country's contiential shelf. — Photo petrotimes.vn

HA NOI (VNS) — Viet Nam Oil and Gas Group (PetroVietnam) acquired two oil and gas exploration and exploitation companies and a pipeline company owned by Chevron in Viet Nam.

In a press release, PetroVietnam said it acquired all the stakes in Chevron companies with assets in Viet Nam and offshore projects, including Block B, Block 48/95 and Block 52/97.

The companies include Chevron Vietnam (Block B) Ltd with a 42.38 per cent operating interest in the production sharing contract (PSC) covering Blocks B and 48/95; Chevron Vietnam (Block 52) Ltd with a 43.4 per cent operating interest in the PSC covering Block 52/97 and the operator under the two PSCs; and Chevron Southwest Vietnam Pipeling Co Ltd with a holding of 28.7 per cent operating interest in a pipeline project that would deliver natural gas from offshore to gas users in Viet Nam.

PetroVietnam has launched intensive exploration in Blocks B, 48/95 and 52/97 in offshore Viet Nam since 1996 on an area covering 3,200sq.m of the Malay-Tho Chu basin, southwest of Viet Nam. Water depths range from 60-80 metres.

Important gas discoveries were made in 2002 and agreement on joint development reached in 2007. Initial in-place gross gas was estimated at 6.008 trillion cubic feet (tcf), or 170 billion cubic metres (bcm), 4 million cubic metres (mcm) condensates, or 25.5 thousand stock tank barrels (mstb); and recoverable gas reserves (2P categories) at 3.78 tcf (107 bcm), 3 mcm condensates (12.65 mstb).

According to PetroVietnam, these gas reserves will increase when additional exploration is conducted in the remaining contract area of the two PSCs.

The Block B – O Mon project is designed to transport gas from Blocks B and 48/95 and Block 52/97 in waters southwest of Viet Nam to the O Mon, Kien Giang power plant hub, and to supplement gas supply to the Ca Mau gas fertiliser hub. — VNS

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