KrisEnergy Ltd. has been awarded 100% working interest and operatorship of the production sharing contract (PSC) for Block 115/09 offshore Vietnam. The block was awarded following negotiations between Vietnam Oil and Gas Group (Petrovietnam) and KrisEnergy (Asia) Ltd., a wholly owned subsidiary of the KrisEnergy group of companies.
Block 115/09 covers an area of 2,850 square miles (7,382 square kilometers) in the southern Song Hong Basin where water depths range mainly between 196 feet and 656 feet (60 meters and 200 meters). The PSC has an initial four-year term, with an associated work commitment of reprocessing 1,864 miles (3,000 kilometers) of existing 2D seismic data, the acquisition and processing of 328 square miles (850 square kilometers) of 3D seismic data and a single exploration well.
The seismic reprocessing will begin this year and will aid in the identification of the block’s prospective areas over which 3D seismic acquisition will be undertaken.
KrisEnergy also holds a 25% non-operated working interest in Block 105-110/04 offshore northern Vietnam and a 25% non-operated working interest in Block 120 offshore central Vietnam.