Ho Chi Minh City: PetroVietnam is set to buy Chevron’s 42.38% stake in Block B in the South China Sea and related gas projects, according to the company.
Due to a disagreement over gas prices between the project partners, Chevron has delayed the project and planned to transfer its stakes to other partners.
The Block B and 48/95 gas projects started construction in late 2009 and are jointly being developed by Chevron, Mitsui Oil Exploration and PetroVietnam.
The Block B gas project is expected to produce 490m cu m of gas. [26/02/14]