Vietnam Oil and Gas Group (Petrovietnam) has acquired 100% of the shares of the Chevron companies with assets in Vietnam and the operatorship that are part of the Block B, Block 48/95, and Block 52/97 projects, off Vietnam’s continental shelf.
These companies include Chevron Vietnam (Block B) Ltd, holding a 42.38% operating interest in the production sharing contract (PSC) covering blocks B and 48/95, Chevron Vietnam (Block 52) Ltd., holding a 43.4% operating interest in the PSC covering Block 52/97 and also the operator under the two PSCs, and Chevron Southwest Vietnam Pipeline Co. Ltd., holding a 28.7% working interest in a pipeline project that would deliver natural gas from offshore to gas users in Vietnam.
Nguyen Xuan Son, chairman of the Members’ Council of Petrovietnam, stated, “The Block B gas project is Petrovietnam’s main oil and gas project. The project is of major significance, contributing to ensuring the energy security of the country and promoting the socio-economic development of the region.
“The construction and operation of the series of projects to exploit, transport, and process gas and the construction and operation of power plants will stimulate the socio-economic development of the western provinces of the Southern region, contribute to the protection of the environment by using clean fuel, stabilize national power resources, and create an opportunity to link up with the gas transportation networks of countries in the region.
“Petrovietnam’s completion of the acquisition of Chevron’s assets in Vietnam will facilitate the acceleration of field development and the implementation of the component projects in order to make gas more quickly available to serve the development needs of the national economy.”
Joint venture partners and the Government of Vietnam have approved this acquisition, which will become effective June 17.