Petronas Relinquishes Two Vietnamese Offshore Blocks
Malaysian Petronas has decided to relinquish two Vietnamese offshore oil and gas blocks to the host authority once the production sharing contract for the blocks expires on September 9, 2017, it said July 27.
The 26-year PSC for Blocks 01 and 02, located at the Cuu Long basin, offshore Vietnam took effect on September 9, 1991, and was Petronas’ first successful international venture.
Petronas still runs upstream production activities for Blocks 102 & 106 located at Song Hong Basin, north Vietnam which is operated by Petronas Carigali Overseas.
The company stated that it is also actively committed to pursuing further opportunities in its downstream businesses in the country, particularly in the lubricants and petrochemical sectors.