Expanding its stake: SPC buys additional interests in two blocks off Vietnam
SPC tucks into Vietnam bounty
Singapore Petroleum Company (SPC) has bought a 10% interest in two production sharing contracts off Vietnam from ATI Petroleum.
SPC will pay cash for the stakes and also carry ATI's share of costs for some future work programmes in blocks 102 and 106 to a maximum of $9 million.
The deal will being SPC's stake up to 20%.
SPC had first farmed into the blocks in the Gulf of Tonkin in April 2004.
The first exploration well, Yentu-1X, was drilled in block 106 late last year ad discovered light oil and gas. A second exploration well is expected to be drilled in the first half of 2006.
The joint venture has also completed a 600 square kilometre 3D seismic survey over two areas to evaluate several other prospects within the two blocks.
Other partners in the production sharing contracts are Petronas Carigali and PetroVietnam.