Perenco Vietnam Signs New Production Sharing Contract for Offshore Block in Vietnam

The Vietnamese oil and gas arm of Anglo-French Perenco has pinpointed a new production sharing contract (PSC) for an offshore block as a stepping stone toward a final investment decision (FID) for the development of a gas and condensate field off the coast of Vietnam, Southeast Asia.

After the PCS for Block 15-1 was signed with the Socialist Republic of Vietnam, Perenco Vietnam described the occasion as the beginning of its new 25-year chapter in the country and a “key milestone” enabling the approval of the FID for the Phase 2B development project of the Su Tu Trang gas and condensate field.

The company claims that this asset aims to deliver 125 million standard cubic feet of gas per day for seven years to support Vietnam’s domestic market, which is portrayed as a rapidly growing one. Perenco deems Block 15-1 as the second largest oil and gas block in the country, which also holds a participation in the Nam Con Son pipeline.

“We are deeply grateful to the Socialist Republic of Vietnam, Petrovietnam, and PVEP for their renewed trust, 13 years after the group’s entry into the country. This recognition reflects Perenco’s proven expertise in the redevelopment and optimization of mature fields and its role as partner of choice for the states we operate in,” highlighted the firm.

Perenco, which is active in multiple regions, recently provided an update on a converted mobile offshore production unit (MOPU), which is expected to become part of its hydrocarbon story offshore Congo next year.