Spokesman: BP Leaves Vietnam's Blocks due to Technical, Commercial Reasons

The British Petroleum (BP) Company’s recently-decided withdrawal from two operated exploration blocks 5.2 and 5.3 in Nam Con Son Basin, offshore Vietnam, was due to technical and commercial reasons, said Le Dung, spokesman of the Ministry of Foreign Affairs Mar 21.

 

BP is now negotiating with PetroVietnam to progress with its withdrawal, said the spokesman in response to reporters’ question about the country’s reaction to BP’s decision.

 

The aforementioned blocks lie within Vietnam’s economic privilege zone and continental shelf, and fall completely within the country’s sovereign rights and jurisdiction, affirmed Mr Dung.

 

Hai Thach and Moc Tinh gas fields at Block 5.2 and Block 5.3, respectively, were discovered in 1996. Hai Thach is estimated to have average reserves of 0.7 tcf of gas and 87.3 million barrels of condensate, and Moc Tinh with 0.5 tcf of gas and 9.59 million barrels of condensate.

 

In Block 5.2, BP holds a 55.9 per cent stake, PetroVietnam 24.1 per cent and ConocoPhillips 20 per cent. In Block 5.3, BP owns 60 per cent, PetroVietnam with 20 per cent and ConocoPhillips 20 per cent. (Labor, The People)