SOCO International Signs PSC for Blocks Offshore Vietnam
SOCO International plc announced Monday that it has signed a new Production Sharing Agreement (PSC) for Blocks 125 and 126 offshore central Vietnam with PetroVietnam and SOVICO Holdings.
As part of the deal, SOCO will gain a 70 percent operated interest over the two blocks. The signing ceremony in Hanoi was attended by SOCO’s president and chief executive, Ed Story.
“SOCO began its serious evaluation of the exploration potential of Blocks 125 and 126 in the Phu Khanh Basin in 2010, following an interest that preceded that time by many years,” Story said in a company statement.
“We are delighted that our tenacity has successfully delivered two new blocks, along with partnership with one of Vietnam’s preeminent conglomerates, SOVICO Holdings,” he added.
Blocks 125 and 126 are located in moderate to deep water in the Phu Khanh Basin, offshore central Vietnam, to the north of the Cuu Long Basin.
SOCO has been present in Vietnam for almost two decades and has invested over $1 billion into its oil and gas projects located offshore southern Vietnam.
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