Pogo to acquire Vietnam oil block http://www.reuters.com/article/companyNewsAndPR/idUSHAN28031920070419
Wed Apr 18, 2007
HANOI, April 19 (Reuters) - U.S. oil firm Pogo Producing Co. (PPP.N: Quote, Profile, Research) will acquire the 25-percent interest of Canada's Keeper Resources Inc. (KEE.V: Quote, Profile, Research) in an offshore exploration oil block in Vietnam, a Vietnamese government document said on Thursday.
Deputy Prime Minister Nguyen Sinh Hung approved the acquisition at the block 124 in the Phu Khanh Basin, off the country's central coast, the document said.
Pogo Producing Co. will hold 100 percent working interest in the block but Vietnam's state oil monopoly still reserves the right to participate in any declared commercial oil and gas discovery by taking up to a 20 percent working interest.
Petrovietnam officials have said preliminary studies showed the deep-water Phu Khanh Basin, close to Vietnam's two biggest fields, Bach Ho and Su Tu Den, held probable oil and gas reserves of 1.5 billion barrels of oil equivalent.
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