SOCO International has signed a new Production Sharing Agreement (PSC) for Blocks 125 and 126 offshore central Vietnam with PetroVietnam and SOVICO Holdings.
Blocks 125 & 126 are located in deep water in the Phu Khanh Basin, offshore central Vietnam, to the north of the Cuu Long Basin.
SOCO was awarded a 70 per cent operating interest in the two blocks.
SOCO’s president and chief executive, Ed Story said: “SOCO began its serious evaluation of the exploration potential of Blocks 125 & 126 in the Phu Khanh Basin in 2010, following an interest that preceded that time by many years. We are delighted that our tenacity has successfully delivered two new blocks; along with partnership with one of Vietnam’s preeminent conglomerates, SOVICO Holdings.”
In a statement SOCO said that the interpretation of the existing data indicates there is good potential for source, expulsion and migration of oil with numerous reservoir and seal intervals likely.
A Memorandum of Understanding was signed by the partners in 2015 and the final PSC was approved by the Vietnamese Government and Prime Minister in August 2017.
SOCO has been present in Vietnam for almost two decades and has invested over $1 billion into its oil and gas projects located offshore southern Vietnam.