MOSCOW -- Lukoil Overseas has acquired a 50% interest from Quad Energy in a production sharing agreement for the Hanoi Trough-02 (НТ-02) block offshore Vietnam.
The block, which is on the shelf of the South China Sea, has undergone exploration since 2007. Numerous prospects have been identified with combined resources of over 180 million tons of “reference fuel”, according to Lukoil.
Three exploration wells are set to be drilled on the block this year.
The transaction is subject to approvals from state petroleum company PetroVietnam and Vietnamese government bodies. Assuming completion of this transaction, Lukoil Overseas will be the project operator.