Offshore staff
TOKYO — Mitsui & Co. Ltd.'s wholly owned subsidiary Mitsui Oil Exploration Co. Ltd. (MOECO) has made a final investment decision and concluded related contracts together with its business partners regarding the Block B integrated development project encompassing an upstream gas field 330 km offshore Vietnam and a pipeline linking it to a gas-fired thermal power plant complex.
The business partners include the Vietnam Oil and Gas Group (PVN), PetroVietnam Exploration Production Corp. Ltd. (PVEP), PetroVietnam Gas Joint Stock Corp. (PV Gas), and PTT Exploration and Production Public Co. Ltd. (PTTEP).
MOECO has been participating in the Block B project from the exploration phase, and the company says the project is expected to yield stable earnings in the long-term. Production capacity is estimated to be 490 MMcf/d, with production scheduled to begin by year-end 2026.
In addition to the development of the upstream gas field, the Block B project will also include a midstream development for gas transportation. MOECO subsidiaries’ share of development cost for the project, which mainly consists of offshore installations and pipeline construction, will be about $740 million (about JPY 110 billion).
03.29.2024
