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.
If you are a Premium Subscriber you can access NGW magazine here.
Natural Gas World welcomes all viewpoints. Should you wish to provide an alternative perspective on the above article, please contact firstname.lastname@example.org
Kindly note that for external submissions we only lightly edit content for grammar and do not edit externally contributed content.