The sale includes Chevron Vietnam (Block B) and Chevron Vietnam (Block 52) southwest of Vietnam, and Chevron Southwest Vietnam Pipeline.
Chevron Vietnam Block B owns 42.38% operating interest in the production sharing contract (PSC) covering Blocks B and 48/95, while Block 52 holds 43.40% stake in the PSC covering Block 52/97.
The pipeline unit holds a 28.7% working interest in a pipeline that supplies natural gas from offshore to gas users in Vietnam.
Petrovietnam said that the two gas projects spread over in the 3,200km2 in the Malay – Tho Chu basin, would help meet the country’s energy requirements.
The gas produced at the two PSCs will be utilized at Kien Giang power plant hub, and the Ca Mau gas fertilizer hub. The Chevron Southwest Vietnam Pipeline will transport gas from the two blocks in to the two hubs.
Chevron signed a joint development agreement in 2007 for the Blocks B, 48/95 and 52/97, which were declared commercial in 2002.
Vietnamese authorities earlier estimated the blocks to hold gross gas at 170 billion cubic meters (bcm) and recoverable gas reserves at107bcm.
Petrovietnam estimates the field development and construction of the gas power project to require an investment of more than $10bn.
Petrovietnam members’ council chairman Nguyen Xuan Son said: "The Block B gas project is Petrovietnam’s main oil and gas project.
Petrovietnam’s completion of the acquisition of Chevron’s assets 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."
Image: Petrovietnam acquires upstream and pipeline assets in Vietnam from Chevron. Photo: courtesy of Vietnam Oil and Gas Group.
