OREANDA-NEWS. August 12, 2015. Idemitsu Kosan Co.,Ltd. (Idemitsu) and Sumitomo Corporation (Sumitomo) signed the Production Sharing Contract with Petrovietnam, a state enterprise of Vietnam, for offshore South West Vietnam Blocks 39 and 40/02 on August 11, 2015.  The Blocks are located in 500 km south-west of Ho Chi Minh City. Japan Oil, Gas and Metals National Corporation (JOGMEC) will fund up to 50% of exploration expenses for these Blocks.

1.Project Details
(1) Name : Blocks 39 and 40/02 offshore South West Vietnam
(2) Date of Signing : August 11, 2015
(3) Area of Block : Approximately 11,620km2
(4) Water Depth : 50m to 60 m
(5) Working Interest : Idemitsu    75 %
    Sumitomo    25 %
     
2.Work Summary of the Phase 1, Exploration Period
(1) Duration : 3 years (2015 to 2018)
(2) Work Plan : Seismic Survey and 1 Exploration Well
     
3.Summary of participating company
(1) Idemitsu Kosan Co., Ltd.
Head Office : Chiyoda-ku, Tokyo, Japan
Representative Officer : Mr. Takashi Tsukioka, Representative Director and CEO
Capital : 108.6 billion yen
Date of Establishment : March 1940
     
(2) Sumitomo Corporation
Head Office : Chuo-ku, Tokyo, Japan
Representative Officer : Mr. Kuniharu Nakamura, President and CEO
Capital : 219.3 billion yen
Date of Establishment : December 1919
Location of Blocks 39 and 40/02
201508121028_1.gif