SOCO confirms new block awards offshore central Vietnam

SOCO, SOBVICO Holdings, and PetroVietnam have signed a production-sharing contract for blocks 125 and 126 offshore central Vietnam.

Offshore staff

HANOI, VietnamSOCO, SOBVICO Holdings, and PetroVietnam have signed a production-sharing contract (PSC) for blocks 125 and 126 offshore central Vietnam, with SOCO assigned a 70% operated interest.

Both blocks are in moderate to deepwater in the Phu Khanh basin, north of the Cuu Long basin where SOCO is a partner in two other PSCs: in both cases, multiple structural and stratigraphic plays are evident from existing seismic data.

Analysis of the data suggests potential for source, expulsion and migration of oil with numerous reservoir and seal intervals in prospect. This could lead to development of a new oil province offshore Vietnam, SOCO claims.

The company’s initial exploration commitments will include reprocessing and interpretation of seismic data, and it could drill the first exploration in 2021.

SOCO has been present in Vietnam for almost two decades and to date has invested more than $1 billion in its oil and gas projects off the country’s south coast.

Its current producing interests are the Te Giac Trang field in block 16-1 and the Ca Ngu Vang field in block 9-2.

10/31/2017

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