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| Photo of Thai Binh Gas Field Development Project.— Photo pve.vn |
HA NOI (Biz Hub) — Vietnam Oil and Gas Group (PVN) recently signed an agreement to buy gas from Blocks 102/106 in the Thai Binh Gas Field in the Gulf of Tonkin.
The sellers were Malaysia Petronas Carigali Overseas Sdn. Bhd. (PCOSB), PVN's Exploitation Production Corporation (PVEP), and Singaporean SPC Vietnam (Blocks 102/106) Co. Ltd
It was the first purchase agreement for the whole project. PVN and the sellers supply gas to the Northern Delta area. It is expected that the first flow in about June 2015 will reach 20 million cubic feet of gas per day.
The agreement was negotiated in 2011. The parties included PCOSB with 57.14 per cent, PVEP with 20 per cent and SPC: with 22.86 per cent. Oil and gas have been discovered in both fields, which include the Thai Binh gas fields with an estimated reserve of about 140 billion cubic feet of gas and Ham Rong oil fields with 138 million barrels of oil and 39 billion cubic feet of gas. — VNS