Premier Oil to Acquire Stake in Two Blocks Offshore Vietnam

Premier Oil has agreed to acquire two exploration blocks offshore of Vietnam from Delek Energy. The company is waiting on approval from the Vietnamese government to finalize the sale.

Premier Oil inked a deal to acquire 75 percent in both Block 12e and Block 12w which are located near the bunga Kekwa platform. Delek will retain the remaining 25 percent.

Premier is also interested in another two offshore blocks, Block 07 and Block 08, operated by Vietnam American Exploration. Those blocks are south of BP's Lan Tay and Lan Do fields, in waters disputed with Indonesia.

Petrovietnam is entitled to a 15 percent stake in the two blocks if a discovery is made.

Delek Energy became the sole owner of the blocks after the withdrawal of its partner, Samedan, last year.