Russian-British oil company TNK-BP at a press conference announced that they had now received a license for gas exploration in Vietnam and will commence drilling by December, 2011.
Last October the BP Group agreed to sell their stake in upstream, pipeline and electricity assets in Viet Nam and Venezuela for US$1.8 billion. The Russian company will operate in Vietnam as TNK Viet Nam.
TNK-BP is Russia’s third biggest oil company and a 50-50 joint-venture between British BP Group and AAR Consortium Group.
Speaking at the press conference, a representative of TNK-BP Group said the company has an average daily production of 17,000 barrels of oil per day.
By December, 2011, TNK Vietnam will commence the Lan Do Field Development Project, by drilling two sub-sea wells.
The company expects to meet the first oil reserve by the fourth quarter of 2012.