Japan's Mitsui announces gas field development plans

The business partners include Vietnam's oil and gas group PetroVietnam, PetroVietnam Exploration Production Corporation Limited (PVEP), PetroVietnam Gas Joint Stock Corporation (PV Gas), and PTT Exploration and Production Public Co., Ltd. (PTTEP), a Thai national oil and gas company.

The Block B project is expected to yield stable earnings in the long term. Production capacity has been estimated at 490 million cubic feet per day, with production scheduled to begin by the end of 2026.

In addition to the development of the upstream gas field, the Block B project will include a midstream development for gas transportation. MOECO's subsidiaries will share the cost of the project, which mainly consists of offshore installations and pipeline construction, for approximately $740 million.

Mitsui has identified global energy transition as one of its key strategic initiatives in its medium-term management plan.

The Block B project will contribute to a decarbonised society through the development of gas fuelled power.

Deputy Prime Minister Tran Hong Ha hosted a reception in Hanoi on September 21 for President and CEO of Mitsui Oil Exploration Co., Ltd. (MOECO) Hidenori Harada.

Leaders of Long An province and Dong Tam Group from September 4 to 10 had a working session with Japan's Mitsui E&S Machinery to promote bilateral investment between Vietnam and Japan.

US-based engineering and construction giant McDermott, as part of a consortium with Petrovietnam Technical Services Corporation (PTSC) has received a limited letter of award from Phu Quoc Petroleum Operating Company for its Block B gas-to-power project.