Representatives sign the trade agreements on Sao Vang-Dai Nguyet gas field. (Photo: nangluongvietnam.vn)
Hanoi (VNA) – A series of trade agreements onexploiting the Sao Vang-Dai Nguyet gas field was inked between the VietnamNational Oil and Gas Group (PetroVietnam) and its partners in Hanoi on July 31.
The agreements included a gas sales and purchase and a gassupply agreement.
The stakeholder participation in the Petroleum SharingContract includes the operator Idemitsu Kosan Co Ltd with 43.08 percent;Teikoku Oil (Con Son) Co Ltd, 36.92 percent; and PetroVietnam, 20 percent.
Speaking at the signing ceremony, PVN General Director NguyenVu Truong Son said the signing of trade agreements achieved after over twoyears of negotiations among sides involved.
He said the event is very significant for the gas filed toturn out the first flow of oil and gas in the third quarter of 2020, with anestimated annual output of 1.5 billion cubic metres of gas and of 2.8 millionbarrels of crude oil and natural-gas condensate.
The production of oil and gas from the Sao Vang-Dai Nguyetfield will contribute to the country’s budget collection and ensure gas supplyfor the southeast region, He stated
The Sao Vang-Dai Nguyet gas field is located in Nam Con SonBasin, approximately 300km south-east offshore Vung Tau City at about 110-130m waterdepth.
Earlier, on August 4, 2016, the Prime Minister issuedDecision No 1550/QD-TTg approving petroleum reserves of the Sao Vang-Dai Nguyetfield as the basis for the development of the field.
On March 7, 2017, the Ministry of Industry and Trade issuedDecision No.706/QD-BCT approving the outline development plan. Nine monthslater, the Prime Minister issued Decision No 1996/QD-TTg approving the fielddevelopment plan.-VNA
