PetroVietnam Completes Acquisition of Chevron's Assets in Vietnam

Vietnam Oil and Gas Group (Petrovietnam) acquired full interest in Chevron Corp.'s companies in Vietnam, giving the firm operatorship of two production sharing contracts (PSCs) offshore Vietnam and a stake in a gas development project, the country’s national oil company announced Wednesday.

PetroVietnam will take over Chevron Vietnam (Block B) Ltd., the operator of Blocks B and 48/95, holding a 42.38 percent interest in the PSC. The Vietnamese firm will also be the new owner of Chevron Vietnam (Block 52) Ltd., which holds a 43.4 percent operating stake in Block 52/97, located in the same area as Blocks B and 48/95.

Chevron found gas in the two PSCs, which are located in the Malay Basin off the coast of south western Vietnam, more than a decade ago.

“Petrovietnam thanks Chevron for its efforts in discovering and proving this large gas resource,” Vietnam’s NOC said in a press release.

PetroVietnam will also hold a 28.7 percent non-operating stake in the Block B Gas Development Project – designed to deliver the natural gas from Blocks B & 48/95 and Block 52/97 to existing and proposed power plants in southern Vietnam – after acquiring Chevron Southwest Vietnam Pipeline Co. Ltd.

“The Block B gas project is Petrovietnam’s main oil and gas project. The project is of major significance, contributing to ensuring the energy security of the country and promoting the socio-economic development of the region,” Chairman of the Members’ Council of Petrovietnam Nguyen Xuan Son said.

“Petrovietnam’s completion of the acquisition of Chevron’s assets in Vietnam will facilitate the acceleration of field development and the implementation of the component projects in order to make gas more quickly available to serve the development needs of the national economy,” Nguyen added.

Joint venture partners and the Vietnamese government have approved PetroVietnam’s acquisition, which took effect June 17.

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