Petronas subsidiary PC Vietnam will relinquish blocks 01 and 02 in the Cuu Long basin offshore southern Vietnam on Sept. 9.
At that point, the 26-year-old production-sharing contract (PSC) for the blocks will have expired, with the Vietnamese subsidiary also ceasing operations in accordance with the contract terms.
This was Petronas’ first international venture.
“We have come a long way since our entry into Vietnam in 1991, which was an important first step at the beginning of our globalization journey,” said the company’s President and Group CEO Datuk Wan Zulkiflee Wan Ariffin.
The company continues its upstream production activities for blocks 102 and 106 in the Song Hong basin, north Vietnam, via Petronas Carigali Overseas.