Re Project in Vietnam
THE DEAL TO ACQUIRE AN INTEREST IN HT-02 OFFSHORE PROJECT HAS BEEN APPROVED BY THE GOVERNMENT OF VIETNAM
The Government of the Socialist Republic of Vietnam has approved the deal on acquisition by LUKOIL Overseas (a 100% subsidiary of OAO LUKOIL) of a 50% interest in the PSA for the Hanoi Trough-02 (НТ-02) offshore block, and issued a respective certificate.
The interest in the PSA was acquired from Quad Energy S.A., a private petroleum company, in April this year. At present, Quad Energy's share in the PSA is 50%. LUKOIL Overseas is the project operator.
The HT-02 block is located on the shelf of the South China Sea, in a shallow water zone near the coast. Exploration on the block has continued since 2007 and by now has resulted in identification of a number of prospects. Drilling of three exploration wells is planned on the block this year, with the first well to be spudded in by late October. A regional office of LUKOIL Overseas has been established in Hanoi to operate the project.