Chevron Awarded Exploration Block Offshore Vietnam
LOCAL NEWS RELEASE: Issued in Vietnam
HO CHI MINH CITY, Vietnam, April 28, 2006 -- Chevron Vietnam announced that its affiliate has signed a 30-year Production Sharing Contract with Vietnam Oil and Gas Corporation for Block 122 offshore eastern Vietnam. The contract signing ceremony held in Hanoi on April 28 was presided over by the Ministry of Industry of Vietnam, Mr. Do Huu Hao, and witnessed by the US Deputy Chief of Mission to Vietnam Mr. John S Boardman and Malaysia Charge d'Affaires to Vietnam, Mr. Amarjit Sạrjit Singh. Block 122 covers 6,981 square kilometers and lies in the Phu Khanh basin. Water depth is between 50 and 2,500 metres.
Chevron Vietnam Phu Khanh (Block 122) Ltd., is the operator and holds a 50 percent interest and Petronas Carigali Overseas Sdn. Bhd. (Petronas) holds the remaining 50 percent interest. In the event of a commercial discovery, Petro Vietnam through a wholly owned affiliate, has the option of obtaining up to a 20 percent participating interest.
"Chevron is very pleased to work with our partners and the Vietnamese Government to help address the country's growing energy demand. This prospective area is a promising opportunity and if commercial quantities of petroleum are found, it will provide additional opportunities to develop petroleum resources that could be used to help satisfy the growing Vietnamese economy," said Steve Green, Chevron's Managing Director & CEO for the Asia South Strategic Business Unit.
Chevron Vietnam was selected as the successful bidder for the 2005 exploration license round in October 2005. In addition to the newly awarded Block 122, Chevron Vietnam business unit has discovered natural gas in the offshore Kim Long Ca Voi and Ac Quy trends, in Blocks B, 48/95 and 52/97.
Chevron Corporation is one of the world's leading energy companies. With more than 53,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing, and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.
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Updated: April 2006