PC Vietnam Hands Over Blocks 01, 02 To PetroVietnam Following PSC Natural Expiry

KUALA LUMPUR, July 27 (Bernama) -- Petroliam Nasional Bhd's (Petronas) subsidiary, PC Vietnam Ltd, will hand over Blocks 01 and 02 to PetroVietnam, the host authority once the production-sharing contract (PSC) for the blocks expires on Sept 9, 2017. In a statement Thursday, Petronas said these blocks were located at the Cuu Long basin, offshore Vietnam. “The 26-year PSC for the blocks took effect on Sept 9, 1991 and was Petronas’ first successful international venture,” it said. Petronas President/Group Chief Executive Officer, Wan Zulkiflee Wan Ariffin, said following the natural expiry of the PSC, PC Vietnam would cease its operations as stipulated by the contract terms. “We have come a long way since our entry into Vietnam in 1991, which was an important first step at the beginning of our globalisation 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,” he said. Petronas said it would still run the upstream production activities for Blocks 102 and 106, located at Song Hong Basin, North Vietnam. “These blocks are operated by Petronas Carigali Overseas Sdn Bhd,” it said. Petronas was also actively committed to pursuing further opportunities in its downstream businesses in the country, particularly in the lubricants and petrochemical sectors, it said. -- BERNAMA