Petro Vietnam Offers Seven Oil Blocks in Offshore Northern Vietnam
State-run Vietnam National Oil and Gas Group (PetroVietnam) will invite investors to global competitive bidding for seven offshore exploration blocks in Song Hong Basin, offshore northern Vietnam, a top PetroVietnam official said.
Nguyen Van Hau, general director of PetroVietnam, said the seven blocks are 105-110/04, 111/04, 114, 115, 116, 120 and 121. The Song Hong Basin consists of nearly entire Tonkin Gulf and central northern coast of Vietnam.
The seven blocks cover a total area of 50,000 square kilometers, with average depth of 60-100m.
The government has recently given approval for the global bidding, Hau added. The world’s top oil producers like ConocoPhillips, Petronas and Exxon Mobil are keen on bidding, Hau said.
This is an effort to raise Vietnam’s oil output, PetroVietnam said. However, until now, Vietnam has made no major discovers in Song Hong Basin.
In 2004, PetroVietnam also put nine oil blocks in Phu Khanh Basin, offshore southern Vietnam, out for international bidders. Vietnam has estimated reserves between 4 billion and 4.5 billion metric tons of crude oil. (1MT=7.33 barrels) (Investment)
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