SapuraKencana drops offshore Vietnam block deal

Offshore staff

KUALA LUMPUR, MalaysiaSapuraKencana Petroleum has terminated its conditional sale and purchase agreements with Petronas to acquire stake in three blocks offshore Vietnam.

Originally announced in November 2014, the company sought to acquire Petronas’ 50% stake in block 01/97 and 02/97 in the Cuu Long basin; 40% of block 10 and 11.1 in the Nam Con Son basin; and 36.85% of block 46-Cai Nuoc in the Malay-Tho Chu basin.

The total purchase price for the blocks, located primarily in shallow-water off the southern coast, was $400 million. The transaction would have seen SapuraKencana venture into adding exploration and production operations to its existing service operations in the country.

01/25/2016

 

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