Samedan Viet Nam Ltd., a wholly owned indirect subsidiary of Noble Affiliates Inc., entered a production sharing agreement with Petrovietnam Friday to acquire the oil and gas exploration rights in blocks 12W and 12E in the Nam Con Son basin off Viet Nam.
Block 12W is 250 miles southeast off Ho Chi Minh City in an average water depth of 300 ft. Samedan will operate the block with a 78% interest. Its partner with a 22% interest 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 that may occur. Samedan also acquired from Opeco a 78% interest and operatorship in the adjacent block 12E.
The two blocks total 1.6 million acres, 1.25 million acres net to Samedan's interest. Previous operators tested oil and gas at wells on the blocks but did not develop fields. Samedan plans two wildcats on the acreage in 2001.
