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20.10.2011

TNK-BP Receives Investment License For Offshore Block 06.1 In Vietnam

The Vietnamese Ministry of Investment and Trade has granted TNK Vietnam, the Vietnam-based subsidiary of TNK-BP Group, the investment license to operate offshore gas Block 06.1, part of the Nam Con Son Integrated Gas to Power Project, TNK-BP reported in a news release.

According to the company, TNK-BP has acquired from BP a 35% stake in the offshore gas condensate production Block 06.1, which contains the Lan Tay and Lan Do gas condensate fields. The acquisition brings TNK-BP production of 17 thousand barrels oil equivalent per day on a net entitlement basis in 2011.

The Integrated Gas to Power Project also includes the Nam Con Son Pipeline, which is the world’s longest two-phase pipeline, and the Phu My 3 Electric Power Plant. As part of the deal TNK-BP will also acquire 32.7% and 33.3% stakes in these projects, respectively, pending lender and government approval.

Maxim Barskiy, Deputy Chairman of the Management Board, TNK-BP, commented, "As Vietnam’s largest in-country gas producer, Block 06.1 plays an important role in meeting the country’s growing energy needs. As operator, TNK-BP will ensure best-in-class efficiency of operations, while at the same time keeping HSE as a top priority. Our company sees Vietnam as a very prospective market and will continue to review opportunities for deepening our presence in the country.”

Copyright 2011, TNK-BP. All rights reserved.

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