PetroVietnam, SK Corp. Sign Oil Exploration Deal for Vietnam Block
Vietnam’s state oil and gas monopoly PetroVietnam has clinched a deal with South Korea’s SK Corp to explore a new oil block offshore southern Vietnam.
Under the deal signed in Hanoi, PetroVietnam and SK Corp will this year develop a 3,800-square-kilometer field, called Block 15-1/05, in northwestern Cuu Long Basin.
PetroVietnam Exploration and Production Co (PVEP), an arm of PetroVietnam, holds 75 per cent of the field, while SK acquires a 25 per cent stake.
The amount of reserves has not yet been estimated, but the new block is located near Block 15-1, which already produces 60,000 barrels of oil per day.
Block 15-1 is now being operated by Cuu Long JOC, a joint venture among Vietnam's PVEP with 50 per cent stake, the US's ConocoPhillips with 23.25 per cent, South Korea's KNOC with 14.25 per cent, SK with 9 per cent and France's Geopetrol 3.25 per cent.
This block started to produce oil in 2003. (Vietnam & World Economy)
Vietnamese
