A product sharing contract (PSC) for the exploration and exploitation of oil and gas on Viet Nam’s northern continental shelf was signed in Ha Noi on June 22.
The agreement was reached between the Viet Nam National Oil and Gas Group (PetroVietnam) and the contractors - PetroVietnam Exploration and Production (PVEP) and Petronas Carigali Overseas Sdn.Bhd.
The two contractors will outlay 57.7 million USD on exploring oil and gas at Block 103-107. Fifty-five percent 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 billion cu.m of gas and 45 million barrels of condensate.
Source: VNA
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment