PetroVietnam acquires Chevron assets in Vietnam

PetroVietnam acquires Chevron assets in Vietnam

Hanoi: Vietnam’s state run oil and gas group PetroVietnam has announced that it has taken over three Chevron subsidiaries in Vietnam, namely Chevron Vietnam (Block B), Chevron Vietnam (Block 52) and Chevron Southwest Vietnam Pipeline.

Chevron Vietnam (Block B) has a 42.38% interest in a production-sharing contract (PSC) for Block B & 48/95, Chevron Vietnam (Block 52) holds a 43.4% interest in a PSC that covers Block 52/97 in Vietnam’s continental shelf, while Chevron Southwest Vietnam Pipeline holds a 28.7% non-operated working interest in a pipeline project that would deliver natural gas to utility companies in southern Vietnam.

The reserves at the sites are estimated at 170bn cubic metres of gas and 25.25m condensate barrels.

Chairman of the board of directors of PetroVietnam, Nguyen Xuan Son, said that the group’s purchase of Chevron’s companies in Vietnam will facilitate the acceleration of field development and the implementation of the component projects in order to make gas more quickly available to serve the development needs of the national economy.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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