The Government of the Socialist Republic of Vietnam has approved the deal on acquisition by LUKOIL Overseas of a 50% interest in the PSA for the Hanoi Trough-02 (НТ-02) offshore block, and issued the respective investment certificate.

The interest in the PSA was acquired from a private petroleum company Quad Energy in April this year. At the present time, 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 been underway since 2007, and to date has resulted in the identification of a number of prospects. Drilling of three exploration wells is planned on the block in 2011, with the first well to be spudded in by late October. A regional office of LUKOIL Overseas is established in Hanoi to manage the project.

Tags: Lukoil Overseas