SIGNING CEREMONY OF THE FARM-OUT AGREEMENT FOR BLOCK 09-29 BETWEEN PVEP AND VIETSOVPETRO

21/05/2019

On May 17th, 2019, at the Headquarter of Vietsovpetro, the Signing Ceremony of the Farm-Out Agreement (FOA) for Block 09-2/09 took place between PVEP and Vietsovpetro.

Attending the Signing Ceremony were Dr. Nguyen Quoc Thap, Vice President of Vietnam Oil and Gas Group (PVN), PVEP Chairman Tran Hong Nam, PVEP President & CEO Tran Quoc Viet, General Director of Vietsovpetro Nguyen Quynh Lam and other Leaders from the two Parties.

Dr. Tran Quoc Viet - PVEP CEO and Dr. Nguyen Quynh Lam - Vietsovpetro General Director sign the FOA

PVEP's CEO Tran Quoc Viet and Vietsovpetro’s General Director Nguyen Quynh Lam signed the FOA for Block 09-2/09 (Cuu Long Basin, Vietnam Continental shelf) under the witness of PetroVietnam Leader. The signing of this FOA is consistent with the policies of PVN/PVEP and the Oil Industry. This is also a testament to the long-term cooperation between PVEP and Vietsovpetro in particular and Russian partners in general on the principle of mutual benefits.

Block 09-2/09 is about 140 km from Vung Tau to the Southeast, bordering on Rang Dong Field in the north (Block 15-2), the West is adjacent to Bach Ho Field (Block 09-1) and in the Southeast is the Con Son swell with the area of ​​992 km2 and sea depth of about 50-70m. The Production Sharing Contract (PSC) of Block 09-2/09 was signed on August 6th, 2009 between PVN and PVEP. Two discoveries of oil & gas in Block 09-2/09 are Kinh Ngu Trang & Kinh Ngu Trang Nam are small and marginal fields; and with the transfer of PVEP's participation in Block 09-2/09 will help to share risks in the implementation of the project, reducing the pressure on investment capital, especially in the context of many difficulties for investment procedure in oil and gas projects, concurrently bringing the project into development phase to get the oil flow in a near future.

Dr. Nguyen Quoc Thap, Vice President of PetroVietnam speaks at the Ceremony

Speaking at the Signing Ceremony, PetroVietnam Vice President Nguyen Quoc Thap highly appreciated the cooperation between PVEP and Vietsovpetro, he expressed the confidence in the experience and potential of Vietsovpetro, along with PVEP will successfully develop Block 09-2/09, reducing costs and bringing benefits to the project participants as well as increase oil and gas output for PetroVietnam.

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