Repsol holds Vietnam licence

Vietnam

HANOI, August 28, 2015 – Spanish multinational operator Repsol has received approval to retain an exploration area within the offshore Block 07/03 production-sharing contract in Vietnam.

Australian company Pan Pacific Petroleum, Repsol’s partner at the asset, revealed that the joint venture’s retention of a 2,108-square-kilometre area for an additional five years had been ratified until September 1, 2020.

Block 07/03 is situated in the Nam Con Son Basin and encompasses the Ca Rong Do oil, gas and condensate discovery. The Ca Rong Do development, worth $1.1 billion, will incorporate a tension-leg wellhead platform, which will be tied back to a floating production, storage and offloading vessel.

Repsol has a 55-percent stake in Block 07/03 and is the operator of the asset, with Singapore’s Pearl Energy assuming 25 percent, local upstream company the PetroVietnam Exploration Production Corporation having a 15-percent share and Pan Pacific Petroleum holding the remaining 5 percent.

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