Assignment To BP Of Statoil's Equity Shares In The Nam Con Son Basin

abarrelfullabarrelfull wrote on 10 Aug 2012 12:14

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3 January 2002

Vietnam's Ministry of Planning and Investment has amended the investment licences for Blocks 06.1 and 05.2 in the Nam Con Son Basin authorising the transfer of Statoil's share in these blocks to BP and other partners.

As a result, BP's shares of 26.6% in Block 06.1 and 66.6% in Block 05.2 have risen to 35% and 100% respectively.

After Statoil offered its equity shares in the market, BP exercised its pre-emption rights to acquire the shares by matching bids from interested parties.

The decision to make further investments in the Nam Con Son Gas Project has once again reaffirmed BP's long-term commitment to Vietnam.

BP is the operator of and a major investor in the Nam Con Son Gas Project - a US$1.3 billion integrated gas to power project currently under construction onshore and offshore Baria Vungtau Province in Southern Vietnam. This includes the development of Lan Tay and Lan Do gas fields in Block 06.1; the construction of a 400 km pipeline and accompanying facilities to bring the gas ashore; and the construction of a gas-fired power plant for power generation.

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