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Bitexco Group acquires the right to exploit two oilfields

Bitexco Energy is a subsidiary company of Bitexco Group. This subsidiary is a company wholly owned by Bitexco Group. The company has just announced that it has signed an agreement with Repsol Exploración SA. This agreement is signed for the acquisition of all the shares of Repsol in Talisman Vietnam. Talisman Vietnam is a company incorporated in Canada. Talisman Vietnam holds 60% of the participation in the Oil and Gas Contract of the Block 15-2/01. This oil and gas block is located off the Vietnamese continental shelf. The Talisman Vietnam company also holds 60% of the management rights to the Thang Long Joint Operating Company. The deal will be closed before the end of 2021 when it is approved by the Vietnamese competent authority. The Gas and Oil Block 15-2/01 belongs to the Cuu Long basin, which is nearly 280,000 hectares, about 20 km from Vung Tau.

A few remarkable constructions of Bitexco Group

Thus, the new share composition will divide Thang Long Joint Operating Company’s products to Bitexco Group for 60% and PVEP for 40%. Thang Long Joint Operating Company is currently operating two mines Hai Su Trang and Hai Su Den. The average output at these two fields has reached 15,000 barrels of oil per day. Thang Long Joint Operating Company is also connecting with Te Giac Trang field to reduce operating and mining costs. Since 2005, Talisman Vietnam has signed a cooperation agreement with PVEP. Currently, Bitexco Energy is joining PVEP and other contractors to invest in Ca Tam oil and gas field. The project is going to be economically viable until 2032. Bitexco Group has also been involved in the energy sector since 2002. Currently, Bitexco Group is owning 21 electric power projects and 2 oil and gas fields. 

Sources of information include VietnamBiz and VNExpress.