Vietnam signs contract for exploration of offshore oil and gas

Jun 22, 2007 02:00 AM

A product sharing contract (PSC) for the exploration and exploitation of oil and gas on Vietnam’s northern continental shelf was signed in Ha Noi on June 22.
The agreement was reached between the Vietnam National Oil and Gas Group (PetroVietnam) and the contractors -- PetroVietnam Exploration and Production (PVEP) and Petronas Carigali Overseas.

The two contractors will outlay $ 57.7 mm on exploring oil and gas at Block 103-107. Some 55 % of the financing is to be contributed by PVEP, a subsidiary of PetroVietnam, and the remainder by Petronas Carigali Overseas, an arm of Malaysian oil giant Petronas.
Block 103-107 covers 11,962 sq km, around 100 km off the coast at a depth of 25-50 m.

Under a contract signed with PetroVietnam in 1988, the French firm Total made three drill-holes at the area to explore oil and gas but were unsuccessful in their efforts.
Recently, the PetroVietnam Investment and Development Company found gas and condensate at Hong Long and Hoang Long structures within the area and reserves have been estimated at 50 bn cm of gas and 45 mm barrels of condensate.

Source: Vietnam News Agency
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