Integrated
Russian oil company TNK-BP Group has received an investment licence for gas
block 06.1 in Nam Con Son Basin after acquiring the entire stake from British
oil giant BP in Vietnam and Venezuela.
Under the official amendment of the investment
licence for Block 06.1 last month, TNK Vietnam has assumed operatorship of the
Lan Tay platform.
BP last October agreed to sell its stakes in
upstream, pipeline and electricity assets in Vietnam and Venezuela for $1.8
billion. In Vietnam, the Russian company will operate as TNK Vietnam.
In the next step, TNK Vietnam will participate
in the current licencing round for nine offshore blocks being auctioned by the
Vietnam National Oil and Gas Group (PetroVietnam). The bids will close on
December 9 and winners will be announced in January.
TNK Vietnam will consider establishing a joint
venture with PetroVietnam, said TNK Vietnam's general director Hugh McIntosh.
The company will start drilling two sub-sea
wells next month in the Lan Do field development project and its first gas deal
is scheduled to come on stream in the fourth quarter of 2012. Production from
Lan Do is expected to bring two billion cubic metres of gas annually to sustain
Block 06.1's current production of five billion cubic metres.
"We have a strategy for the next 10 years
in which gas will account for at least 20 per cent of our portfolio of
production. I think Vietnam and Brazil, where we see both opportunities for gas
development, will help us achieve our target," said TNK-BP vice president
of International Projects and Upstream Christopher Einchcomb.
He said a number of opportunities have opened
up for TNK Vietnam to join the company's only offshore project. He added that
Vietnam would expand its investment from where it started in the Latin America
markets.
"Russian production is so challenging
that we have to look for more opportunities, so TNK Vietnam plans to double its
production in Vietnam to around 34,000 barrels a day over a five-year term, said
McIntosh.
He said his company was keen to bring TNK-BP's
technology to Vietnam and gather as experience from its further offshore
projects.
Einchcomb emphasised that the integration of
business here would help improve the efficiency of company operation.
VNS
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