PTTEP Increases Stake in Block 16-1 Offshore Vietnam
|Wednesday, September 04, 2002
PTTEP HL has entered into a Sales and Purchase Agreement with Amerada Hess Vietnam Ltd. whereby PTTEP HL will acquire 13.50% interest of Amerada Hess Vietnam Ltd. The remaining 13.50% interest will be acquired by SOCO Vietnam Ltd. After the acquisition, PTTEP HL will increase its participation interest from 15% to 28.50% and will be committed to spend an additional amount of approximately US$3 million under the work obligation during 2002-2003. The agreement will become fully effective upon receiving approvals from PetroVietnam and the Vietnamese Government.
After the approvals, the joint venture partners will consist of PetroVietnam Exploration and Production with 41%, PTTEP HL with 28.50%, SOCO Vietnam Ltd. with 28.50%, and OPECO Vietnam, Ltd. with 2%.