Blocks 125/126, offshore Vietnam - Memorandum of Understanding

On 29 July 2015, SOCO’s President and Chief Executive, Ed Story, attended a signing ceremony in Hanoi, Vietnam to sign a Memorandum of Understanding among SOCO, PetroVietnam and SOVICO Holdings regarding potential exploration and production on Blocks 125-126, offshore Vietnam.

Speaking at the ceremony, Ed Story said,

“SOCO began evaluation of the exploration potential of Blocks 125/126 in the Phu Khanh Basin in 2010. Accordingly, we are pleased to join forces with Sovico and PetroVietnam to  further our common interest in developing the energy industry in Vietnam where SOCO already has a commanding presence.”  

The Vietnamese Prime Minister, Mr. Nguyen Tan Dung, referred to the MOU signing as he spoke of “important economic agreements” in his speech given during the visit to Vietnam by British Prime Minister, Mr David Cameron.

Ed Story attending the MOU signing ceremony among
SOCO, PetroVietnam and SOVICO in Hanoi, Vietnam

SOVICO Holdings is one of the leading investment holdings in Vietnam since 1992. Today, it is focused on banking, finance, real estate and industrial pursuits in Vietnam. The joint venture with SOCO International represents their first venture into oil exploration.  

Petrotimes in Vietnam covered the signing ceremony in Hanoi.  A copy of the article can be viewed here: 

http://petrotimes.vn/petrovietnam-ky-bien-ban-ghi-nho-voi-soco-va-sovico-309981.html

 

Informal English Translation

PetroVietnam signed Memorandum of Understanding with SOCO and SOVICO

On 29 July 2015 at the headquarters of Vietnam Oil and Gas Group (PetroVietnam), a Memorandum of Understanding (MOU) signing ceremony was organised for cooperation in petroleum exploration & production on Blocks 125-126 Offshore Vietnam among PetroVietnam, SOCO (UK) and SOVICO Holdings (SOVICO).

This is one of three important economic agreements between Vietnam and the UK on the occasion of the visit of Prime Minister David Cameron to Vietnam.

Attending the signing ceremony from SOCO and SOVICO were Mr. Edward Story, President and CEO of SOCO; Mr. Nguyen Thanh Hung, Chairman and Founder of SOVICO, and other representatives of the two companies.

Attending from PetroVietnam were Mr. Nguyen Quoc Khanh, Acting Chairman of Board of Directors and CEO of PVN together with the members of Board of Directors, Management Board, representatives from expertise departments and PVEP.

Speaking at the ceremony, the Acting Chairman of Board of Directors and CEO Mr. Nguyen Quoc Khanh praised the cooperation among PetroVietnam, SOCO and SOVICO in the petroleum exploration & production at Blocks 125-126 Offshore Vietnam, and emphasised that the MOU signing will continue to promote the cooperation between PetroVietnam and Partners as well as to promote the long term economic relations between Vietnam and the UK in the future.

Hien Anh