Total receives approval for offshore block in Vietnam

France’s largest corporation and the world’s fourth largest publicly-traded integrated oil and gas company1, Total has received approval from the Vietnamese government to acquire a 35% interest in the production sharing contract for offshore exploration Block 15-1/05, alongside PetroVietnam Exploration and Production (PVEP – operator, 40%) and SK Corporation of South Korea (25%).

Block 15-1/05, which covers an area of 3,840 square kilometers, is located some 40 kilometers offshore in a water depth of 40 meters, in the Cuu Long Basin near the Su Tu Den, Su Tu Vang, Su Tu Trang and Su Tu Nau discoveries. 2D seismic surveys have already been conducted on the block.

Under the terms of the contract negotiated with PetroVietnam, Phase 1 exploration will be launched before the end of the year and will include 800 square kilometers of 3D seismic acquisition and two wells.
The agreement also calls for stepped-up international cooperation between PetroVietnam and Total, particularly in exploration.