Firms Ink PetroVietnam Deal

Wednesday, February 14, 2007
Following the signing of a product-sharing contract (PSC), Pearl Oil Ltd (Singapore), Serica Energy Group (Canada), and Lundin New Ventures B.V (Holland) will explore for oil and gas in the 4,100 sq.km Block 06-94. The three parties each hold a one-third interest.

Pearl will be the contract operator and inject $49.3m in analyzing 2-D and 3-D seismic data and conducting exploratory drilling in the first three years. Block 06-94 is located immediately south of the Lan Tay and Lan Do gas fields, which are being developed by the UK’s BP, India’s ONGC Videsh, and PetroVietnam.

In 2004 PetroVietnam and the UK’s PGS Geophysical inked a cooperation agreement that granted PGS exclusive rights to acquire a multi-client 3D (MC3D) seismic survey over the block to identify and map reservoir sands. The block has been rated as having significant hydrocarbon potential. PetroVietnam is targeting deepwater resources off the nation's coast in a bid to expand petroleum reserves, as output from existing fields slows. Global oil and gas giants are planning investment and expansion of business in Vietnam, making the petroleum sector one of the busiest following WTO entry. They include British BP and US-based ConocoPhillips who plan to invest over $1 billion apiece. Source: Than Nien

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Offshore

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.0752 sec (13 req/sec)