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(Image courtesy of KrisEnergy)

KrisEnergy announced late last week that it has been awarded 100 percent working interest and operatorship of the production sharing contract for the Vietnam offshore Block 115/09.

According to the company, the award come after successful negotiations between Vietnam Oil and Gas Group (Petrovietnam) and KrisEnergy.

Block 115/09 covers an area of 2,850 square miles in the southern Song Hong Basin where water depths range mainly between 196 feet and 656 feet.

Chris Gibson-Robinson, KrisEnergy’s director Exploration & Production, said: “This addition to our portfolio highlights our disciplined approach to new venture acquisitions. We have taken the time necessary to secure material working interests in quality assets with work commitments commensurate to the risk-reward profile of the opportunities.”

“We have already identified multiple petroleum plays within Block 115/09, each with the potential for commercial accumulations of gas/condensate and/or oil. We look forward to working with Petrovietnam as we mature the exploration phase commencing with the seismic acquisition and reprocessing over the next 18 months.” He added.

KrisEnergy also holds a 25 percent non-operated working interest in Block 105-110/04 offshore northern Vietnam and a 25 percent non-operated working interest in Block 120 offshore central Vietnam.