10:25 | 18/06/2015 Companies
The Vietnam National Oil and Gas Group (PetroVietnam) has taken over three Chevron subsidiaries in Vietnam, namely Chevron Vietnam (Block B) Co. Ltd., Chevron Vietnam (Block 52) Co. Ltd. and Chevron Southwest Vietnam 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 a production-sharing contract (PSC) for Block B & 48/95, while Chevron Vietnam (Block 52) Co. Ltd. holds a 43.4 percent interest in a PSC that covers Block 52/97 in Vietnam’s continental shelf.
Meanwhile, Chevron Southwest Vietnam Pipeline Co. Ltd. holds a 28.7 percent non-operated working interest in a pipeline project that would deliver 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 estimated at 170 billion cubic metres of gas and 25.25 million condensate barrels.
Chairman of Board of Directors of PetroVietnam Nguyen Xuan Son said that the group’s purchase of Chevron’s companies in Vietnam will help speed up the implementation of exploitation projects to serve the country’s economic development.
He also hailed the significance of the Block B Gas Development Project in ensuring the country’s energy security and boosting socio-economic development in the region.
The purchase contract becomes effective on June 17, 2015./.