Idemitsu, Sumitomo sign exploration PSC offshore Vietnam

Offshore staff

TOKYOJOGMEC has agreed to provide equity financing to two Japanese oil companies for exploration offshore Vietnam.

Earlier this week Idemitsu and Sumitomo signed a production-sharing contract (PSC) with PetroVietnam for blocks 39 and 40/02 offshore southwest Vietnam.

JOGMEC will provide equity capital up to 50% covering the exploration expenditures incurred by the subsidiaries of both companies.

Idemitsu and JOGMEC acquired 2D seismic data and geochemical studies in the area between October 2011 and August 2013, giving Idemitsu the exclusive right to negotiate for the PSC with Sumitomo as a partner.


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


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...