Petronas to ditch two blocks off Vietnam after 26 years

Malaysian state-owned energy major Petronas is abandoning two blocks located offshore Vietnam. 

Petronas said on Thursday that its subsidiary, PC Vietnam Limited (PCVL), will hand over Blocks 01 and 02 at the Cuu Long basin to the host authority Petrovietnam once the Production Sharing Contract (PSC) for the blocks expires on September 9, 2017.

According to the company, the 26-year PSC for the blocks took effect on September 9, 1991, and was Petronas’ first successful international venture. Following the natural expiry of the PSC, PCVL will cease its operations as stipulated by the contract terms.

Petronas President and Group Chief Executive Officer, Datuk Wan Zulkiflee Wan Ariffin, said: “We have come a long way since our entry into Vietnam in 1991, which was an important first step at the beginning of our globalization journey.

“As a pioneer investor in the oil and gas industry of Vietnam, we are proud to have been given the opportunity by the host government to play a significant role in the development of the country’s oil and gas and petrochemical industries.”

Petronas still runs upstream production activities for Blocks 102 & 106 located at Song Hong Basin, North Vietnam which is operated by Petronas Carigali Overseas Sdn Bhd (PCOSB).

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2019 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Fuel Cell Expo 2019

FC EXPO is world’s largest show for hydrogen & fuel cell…

read more >

LNG Bunkering Summit 2019

LNG Bunkering Summit will cover the obstacles facing both the shipping and port communities…

read more >

Egypt Petroleum Show

This event will feature 500+ regional & international exhibiting companies from over 35 countries…

read more >

IoT in Oil & Gas 2019

The IoT in Oil & Gas 2019 Conference will continue to focus on helping operators…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply