Petrovietnam acquires Chevron assets in Vietnam

Petrovietnam has acquired Chevron Corp. assets in Vietnam for an undisclosed price. The deal includes a 42.38% operating interest in a production-sharing contract for Blocks B and 48/95, and a 43.4% operating interest in a PSC for Block 52/97, all offshore southwestern Vietnam.

The contract areas cover 3,200 sq km of the Maylay-Tho Chu basin in 60-80 m of water.

Chevron also sold to Petrovietnam the shares of Chevron Southwest Vietnam Pipeline Co. Ltd., which held a 28.7% working interest in a pipeline project that would deliver natural gas from offshore to users in Vietnam (OGJ Online, Mar. 16, 2010).

Petrovietnam said the Block B-O Mon project is designed to transport gas to the O Mon, Kien Giang power plant hub and to supplement gas supply to the Ca Mau gas fertilizer hub.

“The Block B gas project is Petrovietnam’s main oil and gas project,” said Nguyen Xuan Son, chairman of the Petrovietnam members council.