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.

06/18/2015

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