Sumitomo : Signing the Production Sharing Contract with Petrovietnam, for Offshore South West Vietnam Blocks 39 and 40/02
August 11, 2015 at 10:29 pm EDT
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Aug. 12, 2015
Idemitsu Kosan Co.,Ltd.
Sumitomo Corporation
Idemitsu Kosan Co.,Ltd. (Idemitsu) and Sumitomo Corporation (Sumitomo) signed the Production Sharing Contract with Petrovietnam, a state enterprise of Vietnam, for offshore South West Vietnam Blocks 39 and 40/02 on August 11, 2015. The Blocks are located in 500 km south-west of Ho Chi Minh City. Japan Oil, Gas and Metals National Corporation (JOGMEC) will fund up to 50% of exploration expenses for these Blocks.
1.Project Details
(1) Name
:
Blocks 39 and 40/02 offshore South West Vietnam
(2) Date of Signing
:
August 11, 2015
(3) Area of Block
:
Approximately 11,620km2
(4) Water Depth
:
50m to 60 m
(5) Working Interest
:
Idemitsu 75 %
Sumitomo 25 %
2.Work Summary of the Phase 1, Exploration Period
(1) Duration
:
3 years (2015 to 2018)
(2) Work Plan
:
Seismic Survey and 1 Exploration Well
3.Summary of participating company
(1) Idemitsu Kosan Co., Ltd.
Head Office
:
Chiyoda-ku, Tokyo, Japan
Representative Officer
:
Mr. Takashi Tsukioka, Representative Director and CEO
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
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