Bien Dong Oil, Gas Managing Co to Take over BP-abandoned Blocks
The state-owned oil monopoly PetroVietnam group has recently established Bien Dong Oil and Gas Managing Company to take over two offshore blocks 5.2 and 5.3 in Nam Con Son Basin that the UK's BP has recently decided to withdraw, Vnexpress.net reported.
The newly-formed company is completing procedures to transfer BP's interests in order to maintain exploration and exploitation activities in the blocks, the newswire reported.
In mid-March, BP decided to pull out of blocks 5.2 and 5.3 due to its commercial and technical reasons, said Le Dung, spokesman of the Ministry of Foreign Affairs Mar 21.
The foreign company is now negotiating with PetroVietnam to progress with its withdrawal.
BP holds 55.9 per cent at Block 5.2, PetroVietnam with 24.1 per cent and ConocoPhillips 20 per cent. At Block 5.3, BP owns 60 per cent, PetroVietnam with 20 per cent and ConocoPhillips 20 per cent. (Labor, vnexpress.net)
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