Big Energy to acquire interest in Block 12W oil and gas venture

POVO is incorporated in the Netherlands and holds a 28.125 per cent participant interest, while POVL exists under the laws of the British Virgin Islands and holds 25 per cent participant interest in the oil and gas exploitation contract for Block 12W, at the Nam Con Son basin offshore Vietnam.

The acquisition is expected to be completed at the end of 2023 following receipt of the necessary approvals from Vietnamese authorities.

Big Energy is a newly established company, dedicated to the oil and gas business in Vietnam and beyond. It is a subsidiary of Big Capital JSC, the majority of which is owned by Vu Quang Hoi, the founder of multidisciplinary private company Bitexco Group. Bitexco Group has been active on offshore acreage for over 10 years.

As oil prices anchor around $90-100 per barrel globally, changes in the oil and gas policy of many markets are expected to bring a new cycle of investment to Vietnam – with the government also taking steps to transition to renewable energy sources by cooperating with countries around the world.

Vietnamese offshore support vessel service provider Hai Duong Petroleum and Marine Corporation (Haduco) and Malaysia’s oil and gas marine service provider RMS Synergy Sdn Bhd (RMS) on May 11 signed a cooperation deal in Kuala Lumpur to form a joint venture between the two companies.

Vietnam plans to allocate approximately $11.25 billion, mainly from non-state sources, towards the development of its oil and gas supply and storage infrastructure by 2030, aiming to ensure national reserves can sustain up to 90 days of net imports.