petronas joint venture
the star
Petronas in joint Vietnam venture
PETROLIAM Nasional Bhd (Petronas) is to jointly explore and develop hydrocarbon resources in Blocks 10 and 11.1 offshore Vietnam with PetroVietnam and Indonesia’s Pertamina.The three firms will form a joint venture, Con Son Joint Operating Co, for the purpose, with PetroVietnam taking a 40% stake in it, and Petronas and Pertamina holding 30% each.
According to a statement from Petronas, Blocks 10 and 11.1, located in the southern continental shelf of Vietnam in the Nam Con Son basin about 210km southeast of Vung Tau, cover some 7,915 sq km with oil and gas potential.
Phase one of the exploration work would start this year with the reprocessing of 2D and 3D seismic data and further geological and geophysical studies, and the drilling of the first two exploration wells, Petronas said.
The company added that the strategic alliance would facilitate transfer and exchange of knowledge and technology among the parties.
The joint venture, Petronas said, would pave the way for further co-operation in petroleum exploration and production activities.
It added that joint evaluation of blocks in Malaysia and Indonesia were currently being undertaken, and similar contracts could be expected this year. — AFX