Total has received approval from the Vietnamese government to acquire a 35% interest in the production sharing contract for offshore exploration Block 15-1/05, alongside PetroVietnam Exploration and Production (PVEP – operator, 40%) and SK Corporation of South Korea (25%).
Covering an area of 3,840 square kilometres, Block 15-1/05 is located roughly 40 kilometres offshore in a water depth of 40 meters, in the Cuu Long Basin near the Su Tu Den, Su Tu Vang, Su Tu Trang and Su Tu Nau discoveries. 2D seismic surveys have already been conducted on the block.
Under the terms of the contract negotiated with PetroVietnam, Phase 1 exploration will be launched before the end of the year and will include 800 square kilometres of 3D seismic acquisition and two wells.
The agreement also calls for stepped-up international cooperation between PetroVietnam and Total, particularly in exploration.
Total's entry into Vietnam is in line with its strategy of diversifying its assets in the Asia-Pacific region.
Integration in Exploration and Exploitation
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