Kufpec Enters PSA For Vietnamese Block 51
Kuwait Foreign Petroleum Exploration Company (Kufpec) has signed a production sharing agreement (PSA) with Singaporean and Vietnamese firms for oil and gas exploration and development on Vietnam’s Block 51. The agreement, which will be effective for 25 years for crude oil and 30 years for natural gas, was signed with Singapore’s Mirta Energy – which will serve as operator with a 35% interest – and Petrovietnam Exploration Production Corporation (PVEP), which holds a 30% interest. Kufpec will hold a 35% interest in the 3,566 sq km offshore block. The partners have committed to acquire 300 sq km of 3D seismic data and drill one well during the first three-year exploration phase.
Copyright MEES 2010.
