Vietnam's PV Oil awards Chim Sao crude tender offer for May

21 March 2014 08:21  [Source: ICIS news]

SINGAPORE (ICIS)--Vietnam’s state-owned oil marketer PV Oil has awarded a tender offering two cargoes of May-loading Chim Sao crude oil, at weaker price level, sources said on Friday.

The PV Oil tender, which comprised two 300,000 barrels Chim Sao cargoes for loading on 10-17 May and 23-30 May, was awarded to Shell at around Dated (Dtd) BFOE (Brent/Forties/Oseberg/Ekofisk) plus $6.00-6.50/bbl FOB Chim Sao.

The tender closed on 14 March and had validity until 19 March.

In its previous tender, PV Oil sold one 300,000-barrel cargo of Chim Sao crude for 8-12 April delivery to Petrodiamond, at around Dtd plus $7.10/bbl FOB (free on board) Chim Sao.

PV Oil sold a second 300,000-barrel Chim Sao crude for 19-23 April loading 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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