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Chevron Vietnam announced that its affiliate has signed a 30-year production sharing contract with Vietnam Oil and Gas Corp. for Block 122 offshore eastern Vietnam.
Block 122 covers 6,981 square kilometers and lies in the Phu Khanh basin. The water depth ranges from 50 to 2,500 meters.
Chevron Vietnam Phu Khanh (Block 122) Ltd., is the operator and holds a 50-percent interest. Petronas Carigali Overseas Sdn. Bhd. (Petronas) holds the remaining 50 percent. In the event of a commercial discovery, Petro Vietnam through a wholly owned affiliate, has the option of obtaining up to a 20-percent participating interest.
"Chevron is very pleased to work with our partners and the Vietnamese government to help address the country's growing energy demand," said Steve Green, Chevron's managing director & CEO for the Asia South Strategic Business Unit. "This prospective area is a promising opportunity and if commercial quantities of petroleum are found, it will provide additional opportunities to develop petroleum resources that could be used to help satisfy the growing Vietnamese economy,"
Chevron Vietnam was selected as the successful bidder for the 2005 exploration license round in October 2005. In addition to the newly awarded Block 122, the Chevron Vietnam business unit has discovered natural gas in the offshore Kim Long Ca Voi and Ac Quy trends, in Blocks B, 48/95 and 52/97.
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