PETRONAS subsidiary PC Vietnam Limited (PCVL) will hand over blocks 01 and 02 of the Cuu Long Basin, offshore Vietnam, to the host authority once the current production sharing contract (PSC) for the blocks expires on 9 September 2017.
This 26 year PSC was PETRONAS’ first successful international venture. Following the natural expiry of the PSC, PCVL will cease its operations as stipulated by the contract terms.
The company will still run upstream production activities for blocks 102 and 106, located at Song Hong Basin, North Vietnam, which is operated by PETRONAS Carigali Overseas Sdn Bhd (PCOSB).
“We have come a long way since our entry into Vietnam in 1991, which was an important first step at the beginning of our globalisation journey.
“As a pioneer investor in the oil and gas industry of Vietnam, we are proud to have been given the opportunity by the host government to play a significant role in the development of the country’s oil and gas and petrochemical industries,” said PETRONAS President and Group CEO, Datuk Wan Zulkiflee Wan Ariffin.
“We are also privileged to have participated in Vietnam’s human capital development through structured capability building and localisation programmes for our employees as well as various educational initiatives and sponsorship for deserving and talented young Vietnamese,” he added.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/28072017/petronas-production-sharing-contract-set-to-expire/