Samedan Viet Nam Ltd., a wholly owned indirect subsidiary of Noble Affiliates Inc., entered a production sharing agreement with Petrovietnam for rights on blocks 12W and 12E in the Nam Con Son basin off Viet Nam.
Block 12W is 250 miles southeast of Ho Chi Minh City in an average 300 ft of water. Samedan will operate with 78% interest. Its partner with 22% is Opeco Natural Gas, the affiliate of an undisclosed US independent.
The agreement allows Petrovietnam the right to acquire a 15% working interest in any development. Samedan also acquired from Opeco a 78% interest and operatorship in adjacent block 12E.
The blocks, totaling 1.6 million acres, contain undeveloped oil and gas discoveries. Samedan plans two wildcats on the acreage in 2001.
