Mitra Energy Updates on Vietnam Gas Development Projects

In an update of its gas development project in Vietnam published Thursday Mitra Energy said the government has approved reserve assessment reports for the Nam Du (Block 46/07 PSC) and U Minh (Block 51 PSC) fields.

Development plans for the Nam Du and U Minh fields were completed on December 24, 2015 and sent to Petrovietnam before submission for Prime Ministerial approval. 

Mitra said that agreement has been reached for the company to be assigned the full 35 percent working interest in Block 51 PSC formerly held by Kuwait Foreign Petroleum Exploration Company (KUFPEC), taking Mitra’s net working interest in Block 51 to 70 percent.

The assignment will be effective from December 31, 2015 and is subject to final governmental approval.

As a consequence of securing the KUFPEC interest at zero cost, Mitra’s net 2C Contingent Resource on Block 51 increases by 22.6 million boe to 45.2 million boe. Company’s total net 2C Contingent Resources across its portfolio rises from 69.2 million boe to 91.8 million boe.