Mitra Energy Acquires 30% Stake in Vietnam Oilfields

Tuan Minh

17:12 11/08/2016

BizLIVE - Mitra Energy will acquire a 30% working interest in blocks 05-1B and 05-1C offshore Vietnam for $14.3 million.

Mitra Energy Acquires 30% Stake in Vietnam Oilfields

A visual from Mitra Energy's website.

Mitra Energy (Vietnam 05-1) Pte Ltd, a wholly-owned subsidiary of Mitra Energy Inc., has signed an agreement to acquire a 30% working stake in the Blocks 05-1b and 05-1c Production Sharing Contract (PSC) offshore Vietnam for $14.3 million from Teikoku Oil (Con Son) Co., Ltd, a wholly-owned subsidiary of Inpex Corporation.
“The proposed Block 05-1 acquisition is consistent with New Mitra’s strategy to acquire near-term development projects with low-risk upside potential,” the Kuala Lumpur-headquartered firm said in a press release.
“The Block 05-1 acquisition will further strengthen Mitra's position in Vietnam and add to Mitra's existing U Minh and Nam Du gas discoveries in the Malay Tho Chu Basin,” it adds.
Blocks 05-1b and 05-1c are located 350 km offshore Vietnam in the Nam Con Son basin in water depths of around 120 meters.
The Block 05-1 PSC holds two fully appraised gas and condensate discoveries, Dai Nguyet and Sao Vang, in close proximity to the Nam Con Son gas transportation pipeline and existing production facilities.
These gas discoveries are strategically located to supply gas to operating power generating complexes in the industrial center of Southeast Vietnam.
Partners in the blocks are Idemitsu Oil and Gas Co. Ltd. and JX Nippon Oil & Gas Exploration Corporation each with a 35% working interest.