SK Corp. Buys Stake in Vietnam Offshore Oil Field
SK Corp. bought a 25 percent stake in an offshore oil development project in Vietnam to better tap the fast-growing energy demand in Southeast Asia. According to the Korea Herald newspaper, SK took over the shares in the 15-1/05 oil field from Vietnam Oil and Gas Corp., or Petrovietnam, the Southeast Asian country's state-run oil monopoly. The purchase is SK's second energy investment in Vietnam. The Korea's largest refinery currently holds a 9 percent stake in the neighboring 15-1 reserve, which has secured about 300m barrels of crude oil and over 3 trillion cubic feet of gas. SK also plans to set up a branch in Hanoi in a further effort to expand its overseas exploration businesses.
CNOOC Signs LNG Delivery Agreement
China National Offshore Oil Corp (CNOOC) has signed an LNG delivery agreement with Shell, Total and French energy company Suez. The company has signed the LNG spot delivery master agreement with the three companies. The agreement will lead these companies into China's LNG spot market, and make a reasonable profit for them. Santos Ltd said it has signed a production sharing contract with the Vietnam Oil and Gas Corp (Petrovietnam) for an exploration site in the Song Hong basin, offshore Vietnam. Santos, Australia's second largest oil and gas company, will conduct the exploration and hold a 55 pct interest while Singapore Petroleum Co Ltd will hold the remaining 45 pct share.
China to Look for Oil in Spratlys
A Chinese firm has won a joint contract from the state oil companies of the Philippines, Vietnam and China to search for oil in a disputed area of the South China Sea, according to a report from The Philippine Star. China Oilfield Services Ltd. (COS), a subsidiary of China National Offshore Oil Corp. (CNOOC), was reportedly given the go-ahead to explore near the disputed Spratly island chain after agreement by the three nationalized conglomerates, Xinhua news agency said. CNOOC, Philippine National Oil Co. (PNOC), and Vietnam Oil and Gas Corp., also known as PetroVietnam, agreed in March to conduct seismic work programs — setting off explosions to monitor the shock waves for pockets of oil and gas — over three years covering an area of about 143,000 square kilometers.
