Oil blocks change hands - The Saigon Times Daily, April 25
(SGT-HCMC) Thailand's PTT Exploration and Production PCL said its PTTEP International Ltd. unit has transferred its 30% interest in exploration blocks 130 kilometers off the coast of Vietnam for approximately US$4.8 million.
In a filing to the Stock Exchange of Thailand, PTTEP said its unit's 30% stake in exploration blocks 46, 50 and 51 was transferred under an agreement reached on April 10.
PTTEP's partner, Fina Exploration Minh Hai BV, also is transferring its 70% interest in the exploration blocks.
The interest in block 46 was transferred to Lundin Vietnam Ltd., Petronas Carigali Overseas Sdn. Bhd., and PetroVietnam Exploration and Production. The transfer will be effective after receiving final approval from Vietnam's Ministry of Planning and Investment and PetroVietnam. The partners also have relinquished blocks 50 and 51 to PetroVietnam, PTTEP said.
The area contains a unitized portion of the Cai Nuoc/Kekwa field, which is currently producing approximately 18,000 barrels of oil per day, Lundin Oil said in a statement.
Lundin Oil President Ian Lundin said, "This asset will add significant proven oil and gas reserves to our existing Southeast Asia portfolio."
"The fact that the same partners have an interest on both sides of the border between Malaysia and Vietnam, means that the Kekwa/Cai Nuoc Field will be developed in the most cost efficient and effective manner," he added. |
