PetroVietnam, 3 Foreign Firms Sign Oil & Gas Production Contracts

The state-run Vietnam Oil and Gas Group (PeroVietnam) has signed two production-sharing contracts (PSCs) with Malaysia Mitra Energy Limited (Mitra), Kuwait Foreign Petroleum Exploitation Co. (KUFPEC) and Singapore Petroleum Co. (SPC) to produce oil and gas at blocks 19 and 20 offshore Vietnam.

 

The blocks, located in the western Nam Con Son Basin, each cover an area of 4,500 square kilometers and have water depths ranging from 50 meters to 100 meters.

Under the PSCs, Mitra will be the operator of the two blocks with a 40% stake in each, while KUFPEC will own a 40% interest, and SPC will have a 20% stake in both blocks.

 

The Malaysian firm is operating two other offshore blocks 28 and 29/03 in the Southeast Asian country. (cafeF)