Essar Plans Investment in Vietnamese Oil Exploration Sector

Thursday, October 04, 2007
Close on the heels of announcing its plans to invest in a steel plant in Vietnam, Essar group is now looking forward to investing in the oil and gas exploration sector in the country. According to sources, Essar Energy Holdings Ltd – the group oil and gas outfit – has recently participated in the ‘2nd international bidding round for open blocks in Song Hong Basin’, offshore northern Vietnam. The bid was submitted for one block on a standalone basis, though the name of the block was not given. Vietnam Oil & Gas Group, known as PetroVietnam, had launched the bidding round in June this year. The blocks are located at average water depths of 60-100 meters covering 50 square km area at 50 to 100 km distance from the shoreline. According to PetroVietnam, the hydrocarbon potential of the blocks may reach five billion barrels of oil and oil equivalent. Essar has already submitted bids for one onshore block in Syria in consortium with Gujarat State Petroleum Corporation (GSPC). The award for the same is expected shortly. Bids are also submitted for two onshore and one shallow-water offshore block in Iran. Meanwhile, the fate of Essar’s scheduled commencement of a two-well $10m exploratory drilling program in the onshore block (L) in Myanmar beginning November will depend on the future course of civil unrest in the country. Essar is also awarded the contiguous shallow water block (A2) in the Rakhine coast in Myanmar. The company is currently scouting for a suitable rig to commence exploratory drilling in the block before May 2008. [Source: http://www.thehindubusinessline.com]
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Transas: The Bridge to Tomorrow

Transas was founded in 1990, by a group of former navigators and engineers, who at that time envisioned ways in which computers could revolutionize maritime safety, communications and security.

ZF Celebrating 100th Anniversary

2015 marks the 100th anniversary of the foundation of ZF Friedrichshafen AG   Zahnradfabrik GmbH was founded in 1915, and through a 100-year history has developed

Signal Ship Repair Achieves OSHA Milestone

Signal International announced that on December 31, 2014, the Signal Ship Repair Operations located in Mobile, Alabama achieved one full year and worked 387,926 manhours,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1220 sec (8 req/sec)