Chevron sells offshore Vietnam holdings

Offshore staff

HANOI, Vietnam – Petrovietnam has acquired 100% of the shares of the Chevron companies with assets offshore Vietnam.

The transaction includes a 42.38% operating interest in the production-sharing contract (PSC) covering blocks B and 48/95; a 43.40% operating interest in the PSC for block 52/97; and Chevron Southwest Vietnam Pipeline Co., which has a 28.7% interest in a pipeline project designed to supply natural gas from offshore fields to users in Vietnam.

The contract area spans 3,200 sq km (1,235 sq mi) over the Malay – Tho Chu basin, southwest of Vietnam, in water depths ranging from 60 to 80 m (197 to 262 ft).

Estimated gross resources are 6.008 tcf (170 bcm) of gas, 4 MMcm (25.5 MMbbl) of condensates, with recoverable volumes put at 3.78 tcf (107 bcm), and 2 MMcm (12.65 MMbbl).

Petrovietnam believes the gas reserves will increase when additional exploration is conducted over the remaining contract area of the two PSCs. 

The block B – O Mon project is designed to transport gas from block B and 48/95 and block 52/97 to the O Mon, Kien Giang power plant hub, and to supplement gas supply to the Ca Mau gas fertilizer hub.

Total investment for field development and construction of the gas – power project using the gas could exceed $10 billion.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...