Mitsui Oil to Develop Vietnam Offshore Gas Area with Partners
TOKYO (Dow Jones Newswires), Jul. 24, 2009
Mitsui Oil Exploration Co. Friday said it agreed with partners -- Chevron Corp., state-owned Vietnam Oil and Gas Group, or PetroVietnam, and Thailand's PTT Exploration & Production PCL -- to develop and sell natural gas from southwest Vietnam.
The area consists of two adjoining blocks -- B&48/95 and 52/97 -- and a section carved out from them called the joint development area. These companies have been exploring there and have confirmed gas reserves of 4.2 trillion cubic feet.
The agreement signed in Hanoi is about front-end engineering work and design, a Mitsui Oil Exploration spokesman said. The details of the plan weren't disclosed.
The partners will work out gas sales contracts with users in Vietnam, including existing and planned gas-fired power plants. In the $4-billion plan, the reserve will be developed and the gas will be sold through a pipeline.
"If everything goes well, we will be able to start production as early as 2014," the spokesman said.
The four companies hold varying stakes in both the blocks and the development area, the spokesman said.
Copyright (c) 2009 Dow Jones & Company, Inc.
- Transocean Lands $830MM Rig Contract with Chevron (Dec 28)
- Premier Oil Eyes Bid for Chevron's North Sea Assets (Dec 13)
- Big Oil Battles Prolonged Gender Problem (Dec 04)
Company: PetroVietnam more info
- Vietnam Court Sentences to Death PetroVietnam Ex-Chairman in Mass Trial (Sep 29)
- Asia Oil Refinery Delays Favor Producer Case for Extending Output Cuts (May 22)
- Vietnam's Sole Refinery Plans to Sell 5-6 Pct Stake in IPO in Q4 (May 22)
Company: Mitsui more info
- Japan's Mitsui Chemicals Restarts Naphtha Cracker At Fire-Hit Plant (Aug 13)
- Japan's Mitsui OSK Targets 26% Stake In Swan's Indian LNG Unit (Sep 18)
- As Rivals Circle, Japan Boosting Firepower To Buy Global Energy Assets (Sep 23)
Company: PTT Exploration & Production Company Plc (PTTEP) more info
- Thailand's PTTEP 1Q Profits Rise, Prepares For Gas Auctions (Apr 26)
- Thailand's PTTEP Seeks To Boost Reserves, Output In SE Asia (Mar 21)
- Thailand's PTTEP Delays Canadian Oil Sands Project At Cost Of $550MM (Oct 19)