Petronas in joint Vietnam venture
Petronas Nasional Bhd (Petronas) is to jointly explore and develop
hydrocarbon resources in Blocks 10 and 11.1 offshore Vietnam with
PetroVietnam and Indonesia’s Pertamina.
The three firms will form a joint venture, Con Son Joint Operating Co, for
the purpose, with PetroVietnam taking a 40% stake in it, and Petronas
and Pertamina holding 30% each.
According to a statement from Petronas, Blocks 10 and 11.1, located in
the southern continental shelf of Vietnam in the Nam Con Son basin about
210km southeast of Vung Tau, cover some 7,915 sq km with oil and gas
potential.
Phase one of the exploration work would start this year with the
reprocessing of 2D and 3D seismic data and further geological and
geophysical studies, and the drilling of the first two exploration wells,
Petronas said.
The company added that the strategic alliance would facilitate transfer and
exchange of knowledge and technology among the parties.
The joint venture, Petronas said, would pave the way for further
co-operation in petroleum exploration and production activities.
It added that joint evaluation of blocks in Malaysia and Indonesia were
currently being undertaken, and similar contracts could be expected this
year.
The Star (Malaysia) - January 09, 2002.
Petrovietnam inks deal with Malaysia, Indonesia
HANOI - State oil monopoly Petrovietnam said on Wednesday it
signed a production-sharing contract with three partners, including state oil firms from
Malaysia and Indonesia, to explore oil and gas off Vietnam's southern coast.
A Petrovietnam official told Reuters the contract covering blocks 10 and 11.1 in the
Nam Con Son Basin was signed on Tuesday by Petrovietnam and a venture between
Petronas Cargali Overseas Bhd, Indonesia's Pertamina, and Petrovietnam Investment
and Development Co (PIDC).
He said if the search was a success, 50 percent of profits would go to Petrovietnam,
while the other 50 percent would be split between PIDC, Petronas and Pertamina.
The official said operations would soon start in the two blocks, which are some 210
km (130 miles) southeast of the southern province of Ba Ria-Vung Tau.
"If the contractors find crude oil, the deal would last 25 years. If they find gas, it will be
30 years," the official said.
Wednesday's official media said the partners would operate under the name Con Son
Joint Operation Co to exploit the blocks, which have a total area of nearly 8,000
square km.
The official Vietnam News daily said the deal was Petrovietnam's 44th
production-sharing contract with foreign oil firms since 1988.
The Malaysian party is a unit of the state oil Petronas
. PIDC is an affiliate of Petrovietnam.
Reuters - January 09, 2002.
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