Project Profile
Location: Malay-Tho Chu Basin, approx. 300 km from shore, southeastern Vietnam
Reserves: 3 trillion cubic feet (tcf) of gas and condensate
Depth: 80 m
Start-up Year: 2020
Block 48/95 is located in the Malay-Tho Chu Basin by 80 metres water depth approximately 300 kilometres from shore at the utmost southeastern Vietnam. Block 48/95 was recognized as one of the most important gas fields in Vietnam with in-place reserves estimated to at least 3 trillion cubic feet (tcf) of gas and condensate. In May 2015, PetroVietnam has taken over the working interests owned by Chevron in the block. The owners and operator of the block became Mitsui Oil Exploration Corporation (MOECO), PetroVietnam and PTTEP. In July 2009, Chevron and its partners started to work on the front end engineering and design (FEED) of the project. Since then the Blcok 48/95 gas fields project was slowly moving until it got totally stocked because of the disagreement on the gas price between the partners and PetroVietnam, the national company to purchase the gas. In 2013 Chevron decided to post for sales its stakes in the Block-B and Block 48/95 projects. After signing this agreement with Chevron, PetroVietnam and its partners Mitsui and PTTEP are planning to move on fast track with Block 48/95 project in order to resume all the gas-fired power projects left on hold in the meantime and start first production by 2020.
Operators:
PetroVietnam: Operator with 65.88% interest
Mitsui Oil Exploration Corporation Ltd (MOECO): 25.62% interest
PTT Exploration and Production Public Company Limited (PTTEP): 8.5% interest