29 Mar 2013 17:18

Vietsovpetro signs PSA on new gas block on Vietnamese shelf

MOSCOW. March 29 (Interfax) - Vietsovpetro, a joint venture between Vietnamese Petrovietnam and Russian Zarubezhneft, and Petrovietnam subsidiary PVEP have signed a production-sharing agreement (PSA) on development of the gas reserves at Block 42 on the Vietnamese shelf, Zarubezhneft said in a statement.

PVEP has a 51% interest in the PSA and Vietsovpetro has 49%.

The initial stage of the project will require collection and interpretation of 500 square kilometers of 3D seismic date and determination of the site to drill a first exploration well.

"Preliminary seismic data indicates the presence of promising structures in Block 42," the statement says.