TNK-BP Eyeing More Blocks Offshore Vietnam

TNK-BP to Take Part in Licensing Rounds for Blocks Offshore Vietnam

Today, TNK Vietnam (a 100% subsidiary of TNK-BP Group) during a press conference in Hanoi, outlined a development strategy for its Vietnam operations and underscored its commitment to make a positive impact in Vietnam.

The development strategy for the Vietnam assets will involve safe and efficient operations of offshore gas production, making it a center for offshore technical expertise within TNK-BP Group, as well as a vigorous approach to new growth opportunities in the Southeast Asian nation.

Following the official amendment of the investment license for Block 06.1 in October 2011, TNK Vietnam has assumed operatorship of the Lan Tay platform and the Company is now seeking new organic and inorganic growth opportunities and form strategic partnerships for the development of new opportunities in Vietnam’s energy sector.

As a next step, TNK Vietnam will participate in the current licensing rounds for offshore blocks being auctioned by PetroVietnam.

Chris Einchcomb, Vice President of International Projects and Upstream commented:

 “Vietnam is an attractive place to do business and TNK-BP is here for the long term. As we focus on integrating these assets into the TNK-BP portfolio, we are also seeking new opportunities to deepen our presence in the country and play a greater role in providing safe and reliable energy to the people of Vietnam.”

The Company will drill two sub-sea wells in the coming month in Lan Do field development project and first gas is scheduled to come on stream in the fourth quarter of 2012. Gas production from Lan Do, which helps to fulfill the company’s gas sales and purchase agreement obligations with the Government of Vietnam, is expected to bring additional 2 billion cubic metres of gas annually to Block 06.1’s current production of 5 billion cubic metres.

Hugh McIntosh, General Director of TNK Vietnam added:

“I am confident that with strong talent and capability, we will sustain an enviable reputation for TNK in Vietnam, whilst creating a new chapter of business growth.”

Offshore Energy Today Staff , November 21, 2011