Gazprom Expands in Vietnam After Gaining Two Offshore Blocks
AO Gazprom, the world’s largest natural gas producer, plans to develop two blocks with Vietnam Oil & Gas Group off the coast of the Asian nation, Bloomberg reported. Gazprom will take 49 percent of the project with PetroVietnam, as the state-owned company is known, to develop the 05.2 and 05.3 blocks, the Russian gas producer said today. The partners will work under a production-sharing agreement, Gazprom said. PetroVietnam and Gazprom are already working together exploring for oil and gas offshore Vietnam, the country which has been Russia’s ally since the Soviet era. The two blocks in the South China Sea cover two discovered gas and condensate fields, Moc Tinh and Hai Thach, with total reserves of 55.6 billion cubic meters of gas and 25.1 million tons of condensate, Gazprom said.
LeTourneau, PetroVietnam Jack-up Contract
Rowan Companies, Inc. (NYSE: RDC) announced that its wholly-owned subsidiary, LeTourneau Technologies, Inc. (LTI) has entered into a contract to provide the rig kit, license and certain technical consultancy assistance to Vietnam's PetroVietnam Marine Shipyard J/S Company (PetroVietnam Shipyard) for the construction of a newbuild LeTourneau Super 116E jack-up rig with 377 ft of leg. PetroVietnam Shipyard will construct the Super 116E jack-up for Vietnam Oil & Gas Group (PetroVietnam) in Vung Tau City, S. R. Vietnam. LTI's contract with PetroVietnam Shipyard, valued at approximately $40m, provides key rig kit equipment, designed and fabricated by LTI, including the leg components, elevating system, controls, spud can materials, cantilever skidding system and hold-down structures.
Essar Plans Investment in Vietnamese Oil Exploration Sector
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.
