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PETRONAS’ Venture in Vietnam Gets Financing Facility

September 03, 2016

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PETRONAS’ Venture in Vietnam Gets Financing Facility

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PETRONAS AWARDED VIETNAM’S DEEPWATER BLOCK

PETRONAS, together with joint venture partner Chevron, has been awarded a deepwater exploration block offshore Vietnam, the company’s first deepwater acreage in the country. The Production Sharing Contract (PSC) for Block 122 was signed in Hanoi, Vietnam, on Friday, 28 April, between PetroVietnam, PETRONAS Carigali Overseas Sdn Bhd and Chevron Vietnam Phu Khanh (Block 122) Ltd. Mr. Mohamad Johari Dasri, Managing Director & CEO of PETRONAS Carigali Sdn Bhd, represented PETRONAS Carigali Overseas, while Mr. Steve Green, the Managing Director & CEO of Chevron Asia South Ltd, signed on behalf of Chevron Vietnam. PetroVietnam was represented by its President & CEO Dr. Tran Ngoc Canh. Block 122 covers an area of about 6,981 square km in Vietnam’s Phu Khanh Basin, and is located in water depths of between 50 and 2,500 metres. Under the terms of the PSC, equal partners PETRONAS and Chevron will jointly commit to acquire, process and interpret 3,00...

PETRONAS GETS TWO NEW BLOCKS IN INDONESIA

PETRONAS, through its subsidiaries, has added two new blocks into its upstream business portfolio in Indonesia, further testimony to its commitment to establish a long-term position in the oil and gas industry of its ASEAN neighbour. PC (North East Madura IV) Ltd, a subsidiary of PETRONAS, was on 12 December awarded a Production Sharing Contract (PSC) for the North East Madura Offshore Block IV by Indonesia’s Badan Perlaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (BPMIGAS). BPMIGAS, on October 6, had also approved the acquisition of BP (Muriah) Ltd’s entire equity in the Muriah Block PSC by PETRONAS Carigali Overseas Sdn Bhd (PCOSB), another subsidiary of PETRONAS. Under the terms of the North East Madura Block IV PSC, PC (North East Madura IV) Ltd will acquire, process and interpret 500 square kilometres of offshore 3D seismic data, drill four exploration wells and undertake geological and geophysical studies in the Block during the PSC’s expl...

PETRONAS AWARDS TWO OFFSHORE EXPLORATION BLOCKSTO MURPHY OIL AND PETRONAS CARIGALI

PETRONAS today awarded two Production Sharing Contracts (PSCs) for Blocks PM311 and PM312 offshore Peninsular Malaysia to Murphy Oil Corporation and PETRONAS Carigali Sdn Bhd. The PSCs mark the fifth and sixth Malaysian blocks awarded to Murphy Oil, a US-based independent petroleum company. Under the contracts signed today, Murphy Oil will have a 75 per cent interest in each of the two blocks, with PETRONAS Carigali owning the remaining 25 per cent. Murphy Oil will operate the two blocks. Blocks PM311 and PM312, with a combined area of about 11,000 square kilometres, are located northeast offshore Terengganu. Under the terms of the PSC, Murphy Oil will acquire and reprocess 250 square kilometres of 3D seismic data and 2,500 line kilometres of 2D seismic data for each block. The operator will also drill two exploration wells in each block. The blocks, previously operated by Esso Production Malaysia Incorporated (EPMI), have been identified to possess attractive oil...

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