The new joint venture outfit, Truong Son Joint Operating Company, will see the participation of PetroVietnam Exploration & Production Company (40 percent), Talisman Vietnam Ltd (30 percent) and Petronas Carigali Overseas Sdn Bhd (30 percent). PetroVietnam Exploration & Production Company (PVEP) is a wholly-owned subsidiary of PetroVietnam, Talisman Vietnam Ltd (TVL) is a wholly-owned subsidiary of Talisman while Petronas Carigali Overseas Sdn Bhd (PCOSB) is the overseas exploration and production arm of Petronas.
Block 46/02 is located on the southwestern continent shelf of Vietnam about 144 kilometers offshore Ca Mau. The block covers an area of approximately 12,150 square kilometers with oil and gas potential. The award of the block was the result of a competitive bidding exercise conducted by PetroVietnam in early 2002. Phase 1 of the exploration work is expected to begin in early 2003 where the contractors will acquire and process 300 square kilometers of 3D seismic data and conduct further geological and geophysical studies. The results from these studies will be used to plan for the drilling of four exploration wells.
The location of Block 46/02, in proximity to the producing Block PM-3 commercial arrangement area between Malaysia and Vietnam will provide an advantage for optimal development of hydrocarbon resources of the block.
The signing of the Petroleum Contract will increase the number of petroleum blocks that Petronas is involved in Vietnam to four blocks namely Blocks 01 & 02 signed in 1991, Blocks 10 & 11-1 and Block 46-Cai Nuoc signed in 2002.
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