Three Japanese oil firms to explore offshore

01-Nov-2004 Intellasia | 29/Oct/2004 Kyodo | Gigzone | 1:02 PM Print This Post

Three Japanese oil firms said Friday they have reached an accord with a Vietnamese state oil enterprise to jointly explore oil and gas fields in the sea about 300 kilometers from the Vietnamese coast.
Idemitsu Oil & Gas Co, a unit of Idemitsu Kosan Co, Nippon Oil Exploration Ltd, an arm of Nippon Oil Corp, and Teikoku Oil Co said they signed a production-sharing contract Thursday with Vietnam Oil and Gas Corp, known as Petrovietnam, for two offshore blocks southeast of HCM City.
The interest in both blocks is owned 35% by Idemitsu, 35% by Nippon Oil and 30% by Teikoku. The trio did not disclose how much they paid Petrovietnam for the exploration rights.
The blocks, 1,570 square kilometers in total, are at a depth of 100-200 meters. Several oil and gas fields are located nearby, according to the companies.
The three firms will explore the area by October 2007. They are scheduled to drill a test well in 2006 after conducting a seismic survey. Three Japanese oil firms said Friday they have reached an accord with a Vietnamese state oil enterprise to jointly explore oil and gas fields in the sea about 300 kilometers from the Vietnamese coast.
Idemitsu Oil & Gas Co, a unit of Idemitsu Kosan Co, Nippon Oil Exploration Ltd, an arm of Nippon Oil Corp, and Teikoku Oil Co said they signed a production-sharing contract Thursday with Vietnam Oil and Gas Corp, known as Petrovietnam, for two offshore blocks southeast of HCM City.
The interest in both blocks is owned 35% by Idemitsu, 35% by Nippon Oil and 30% by Teikoku. The trio did not disclose how much they paid Petrovietnam for the exploration rights.
The blocks, 1,570 square kilometers in total, are at a depth of 100-200 meters. Several oil and gas fields are located nearby, according to the companies.
The three firms will explore the area by October 2007. They are scheduled to drill a test well in 2006 after conducting a seismic survey.

 


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