Petrovietnam Inks Deal for Cuu Long Basin Block
Petrovietnam
Petrovietnam signed a product-sharing contract on Saturday with three partners, including oil companies from Russia and Japan, to explore and tap crude oil and gas off Vietnam's southern coast.
The deal covering block 09-3 in the Cuu Long basin was signed between state oil monopoly Petrovietnam, Russian state oil firm Zarubezhneft, Japan's Idemitsu Oil and Gas Co and Petrovietnam Exploration and Production Co (PVEP).
Petrovietnam general director Nguyen Xuan Nham said parties to the contract - the 45th so far by Petrovietnam with foreign oil firms since 1988 - would set up a joint operation company to oversee operations in the block.
A Petrovietnam official said Zarubezhneft has 50 per cent interest in the deal, followed by the 35 per cent stake of Petrovietnam and Idemitsu's 15 per cent.
Block 09-3, in an area of 5,600 square km, is close to four oilfields in operation, including Vietnam's key Bach Ho (White Tiger) oilfield, Rong (Dragon), Rang Dong and Ruby.
Petrovietnam has said a product-sharing contract it enters would normally last 25 years if the contractors found crude, and 30 years if they found gas.
Russian oil firm Zarubezhneft and Petrovietnam have established an oil and gas joint venture, Vietsovpetro, which produces the bulk of crude oil for Vietnam. Idemitsu Oil and Gas Co is an affiliate of Japan's Idemitsu Kosan Group. The company currently operates in blocks 102 and 04-3 off Vietnam's northern and southern coasts, respectively.
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea