Vietnam's PV Oil issues a tender offering May Chim Sao crude

12 March 2014 13:46  [Source: ICIS news]

SINGAPORE (ICIS)--Vietnam’s state-owned oil marketer PV Oil issued a tender offering two cargoes of May-loading Chim Sao crude oil, sources said on Wednesday.

The PV Oil tender comprised two 300,000 bbl Chim Sao cargoes for loading on 10-17 May and 23-30 May. The tender will close on 14 March and will have validity until 19 March, sources said.

In its previous tender, PV Oil sold one 300,000 bbl cargo of 8-12 April Chim Sao to Petrodiamond at around Dated BFOE (Dtd) plus $7.10/bbl FOB (free on board) Chim Sao. Petral sold a second 300,000 bbl 19-23 April loading Chim Sao cargo to Shell at around Dtd plus $6.50/bbl FOB Chim Sao.

Chim Sao is light sweet crude with an API of 38.50 and a sulphur content of 0.03%.

The Chim Sao oilfield is operated by Premier Oil, which has a 53.125% stake in the venture. Australia’s Santos has a 31.875% stake, while PetroVietnam has a 15% stake.

The Chim Sao project includes a single wellhead platform and a floating production, storage and offloading (FPSO) vessel.

The Chim Sao oilfield was discovered in 2006 and was approved for development by the government of Vietnam in December 2009. Oil production commenced in October 2011 from six wells. The field's crude oil production rate is around 25,000 bbl/day.

By: James Dennis
+65 6780 4327

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