188bet asia Announcement

Blocks 01/97 & 02/97 covering areas of about 130 km2 are in the northeastern part of the Cuu Long basin, offshore of the Vietnamese continental shelf, approximately 160 km east of Vung Tau City. Water depths within these Blocks range between 60 - 70 meters.

Oil 188bet asia gas production at existing fields commenced in 2014 under a Petroleum Contract for Blocks 01/97 188bet asia 02/97 (signed 188bet asia effective in 2003). Because of the actual production rate 188bet asia the oil 188bet asia gas reserves of the field were under expected, the contractor income is not enough to cover the costs, investors declared an early termination of the petroleum contract in 2017 due to economic reasons 188bet asia handed over operations to the host country.

From July 2017, Vietnamese Government designated Petrovietnam to continue the operation of Thang Long – Dong Do field (PVN 188bet asia PVEP signed a temporary operating contract), current oil production rate is from 2.8 to 3.3 thousand barrels per day (the capacity is from 18 to 20 thousand barrels per day).

Currently, oil 188bet asia gas activities in Block 01/97&02/97 are struggling with steeply declined production, the existing production facilities is degraded 188bet asia need to be maintained with high operating expenditures (about 65 MMUSD/year). Unless significant improvements are made, including production improving 188bet asia sustaining oil prices, continued operations seem unlikely.

With the aim of prolonging the production life of Blocks 01/97 188bet asia 02/97, it is imperative to implement an immediate investment solution 188bet asia a strategic partnership with nearby discoveries for joint development to share the financial burden. Therefore, Petrovietnam is seeking letters of interest from investors, who adhere to the following fundamental requirements:

- Proven capacity 188bet asia facilities (FPSO, personnel, financial capacity…) to optimize the current production of the Thang Long - Dong Do field, fostering collaborative development of potential hydrocarbon discoveries in the areas 188bet asia integrating these discoveries into production stream to ensure maximum efficiency for the Blocks/related Petroleum Contracts on the following principles: (i) capital 188bet asia operating cost sharing for existing infrastructure within Blocks 01/97&02/97; (ii) extending the effective production life of Blocks 01/97&02/97.

- Proven financial capabilities for additional exploration 188bet asia appraisal activities 188bet asia to commit 9-10 infill wells in a timely 188bet asia cost control manner, maximizing revenue 188bet asia benefits for Petrovietnam, to propose a commitment 188bet asia schedule to drill from 01-03 infill wells in 2025.

- Possessing extensive experience 188bet asia capabilities in handling the specific technical challenges associated with the operation 188bet asia exploitation of Blocks 01/97&02/97: marginal field, heavy oil 188bet asia H2S treatment;

- Be ready to assign high quality personnels to the project, with a specific focus on experience in upstream oil 188bet asia gas exploration 188bet asia production in Vietnam, especially in the Cuu Long basin;

- Propose an additional exploration & appraisal program 188bet asia commitments (3D seismic, wells…) in the contract area.

- Be ready to enter petroleum contract in 2025.

Concerned parties should express their interest to Petrovietnam in writing (direct or fasimile) within 30 days from the date of this notification.

For more information, please contact to:

- Mr. Doan Thai Duong (Email: duongdt@pvn.vn), Deputy General Manager of Petroleum Contract Management Division of Petrovietnam 188bet asia 

- Mr. Le Hong Lam (Email: lamlh@pvn.vn), Deputy Manager of Petroleum Contract Management Division of Petrovietnam.

Best regards./.