Singapore-based company Batavia Oil said it has completed the acquisition of a 30.5% non-operating interest in the Rang Dong and Phuong Dong oilfields offshore Vietnam.
The seller was a subsidiary of Perenco Overseas Holdings. Terms of the deal were not disclosed.
Daniel Jol, Batavia's founder and managing director, said in a LinkedIn post: "It’s been a long year with a lot of ups and downs, but we finally did it. On 20 August 2021, Batavia Oil completed the acquisition of Perenco Rang Dong Ltd, which holds a 30.5% producing interest in Block 15-2, offshore Vietnam."
"Looking forward to working with our partners - Japan Vietnam Petroleum Company, PetroVietnam Exploration Production Corporation, and PetroVietnam."
Block 15-2 lies in the Cuu Long basin about 135 kilometres south-east of the oil city of Vung Tau in water depths of about 56 metres.
The Rang Dong and Phuong Dong fields produce oil into the MV-17 FSO and gas is piped onshore.
Batavia said the PSC over the block was approved for an extension until April 2025, which opened the way to an enhanced oil recovery programme in 2013 via the reinjection of water and gas.