State-owned Vietnam Oil and Gas Group (Petrovietnam) said June 17 it acquired several Vietnam subsidiaries and pipeline assets from Chevron Corp. (CVX). The terms of the transaction weren't disclosed.

The deal includes 100% of the shares in the Chevron companies, assets and the operatorship of projects off of Vietnam's continental shelf. The companies include Chevron Vietnam (Block B) Ltd., Chevron Vietnam (Block 52) Ltd. and Chevron Southwest Vietnam Pipeline Co. Ltd.

Chevron Vietnam Block B holds a 42.38 % operating interest in the production sharing agreement covering Blocks B and 48/95. Chevron Vietnam Block 52 holds a 43.4% operating interest in the production sharing agreement covering Block 52/97 and also the operator under the two agreements.

Chevron Southwest Vietnam Pipeline holds a 28.7% working interest in a pipeline project that would deliver natural gas from offshore to gas users in Vietnam.

Nguyen Xuan Son, chairman of the members’ council of Petrovietnam, said that Block B is the company’s main oil and natural gas project, and it will boost the economic development of the western provinces in the country’s southwest region.

Offshore