The Vietnam National Oil and Gas Group (PetroVietnam) has taken overthree Chevron subsidiaries in Vietnam, namely Chevron Vietnam (Block B)Co. Ltd., Chevron Vietnam (Block 52) Co. Ltd. and Chevron SouthwestVietnam Pipeline Co. Ltd.
The group announced the takeover in a June 17 press release.
Chevron Vietnam (Block B) Co. Ltd. has a 42.38 percent interest in aproduction-sharing contract (PSC) for Block B & 48/95, while ChevronVietnam (Block 52) Co. Ltd. holds a 43.4 percent interest in a PSC thatcovers Block 52/97 in Vietnam’s continental shelf.
Meanwhile, Chevron Southwest Vietnam Pipeline Co. Ltd. holds a 28.7percent non-operated working interest in a pipeline project that woulddeliver natural gas to utility companies in southern Vietnam.
Chevron started oil and gas exploration and exploitation at Blocks B& 48/95 and 52/97 in 1996. The reserves at the sites are estimatedat 170 billion cubic metres of gas and 25.25 million condensate barrels.
Chairman of Board of Directors of PetroVietnamNguyen Xuan Son said that the group’s purchase of Chevron’s companies inVietnam will help speed up the implementation of exploitation projectsto serve the country’s economic development.
Healso hailed the significance of the Block B Gas Development Project inensuring the country’s energy security and boosting socio-economicdevelopment in the region.
The purchase contract becomes effective on June 17, 2015.-VNA
The group announced the takeover in a June 17 press release.
Chevron Vietnam (Block B) Co. Ltd. has a 42.38 percent interest in aproduction-sharing contract (PSC) for Block B & 48/95, while ChevronVietnam (Block 52) Co. Ltd. holds a 43.4 percent interest in a PSC thatcovers Block 52/97 in Vietnam’s continental shelf.
Meanwhile, Chevron Southwest Vietnam Pipeline Co. Ltd. holds a 28.7percent non-operated working interest in a pipeline project that woulddeliver natural gas to utility companies in southern Vietnam.
Chevron started oil and gas exploration and exploitation at Blocks B& 48/95 and 52/97 in 1996. The reserves at the sites are estimatedat 170 billion cubic metres of gas and 25.25 million condensate barrels.
Chairman of Board of Directors of PetroVietnamNguyen Xuan Son said that the group’s purchase of Chevron’s companies inVietnam will help speed up the implementation of exploitation projectsto serve the country’s economic development.
Healso hailed the significance of the Block B Gas Development Project inensuring the country’s energy security and boosting socio-economicdevelopment in the region.
The purchase contract becomes effective on June 17, 2015.-VNA
