Russian-British joint venture TNK-BP signed a deal on Wednesday on purchasing a gas block in Vietnam from British oil major BP.
"Today TNK-BP signed the transfer agreements on Block 06.1, which confirm partner approval of the acquisition and that TNK-BP will take over the role of the project operator in Vietnam," TNK-BP said in a statement.
The agreements, which will now be submitted to Vietnam's Industry and Trade Ministry to receive final governmental approval, were signed by the block's former operator BP, as well as TNK-BP's future partners in the joint venture, PetroVietnam and ONGC Videsh Limited of India, the statement said.
TNK-BP signed deals in October 2010 to acquire BP's stakes in upstream, pipeline and electricity assets in Vietnam and Venezuela for a total of $1.8 bln, it said.
Block 06.1 is Vietnam's largest gas producer and will boost TNK-BP's overall production by 18,800 barrels of oil equivalent per day on a net entitlement basis in 2011, it said.
"We are confident that Block 06.1 is a high-quality asset that will enable TNK-BP to develop new expertise, particularly its offshore capabilities. As operator of Block 06.1, TNK-BP will ensure responsible operations and the highest commitment to environmental safety," the statement quoted TNK-BP Deputy CEO Maxim Barsky as saying.
MOSCOW, April 6 (RIA Novosti)
