Vietnam's PV Oil awards March Chim Sao tender

22 January 2014 08:52 Source:ICIS News

SINGAPORE (ICIS)--PV Oil, Vietnam’s state-owned oil marketer, awarded a tender offering three cargoes of March-loading Chim Sao crude oil at a firmer level, traders said on Wednesday.

The award was Dated BFOE (Dtd) plus $7.50-8.00/bbl FOB (free on board) Chim Sao, they added. 

The PV Oil tender comprised two 300,000 bbl Chim Sao cargoes for loading 9-13 March and 20-24 March as well as a 250,000 bbl cargo for loading 27-31 March.

The tender closed on 15 January and had validity until 17 January, sources said.

Previously, PV Oil awarded a tender comprising two 300,000 bbl Chim Sao cargoes for loading 10-14 February and 22-26 February to Shell at around Dated BFOE (Dtd) plus $7.00-8.00/bbl FOB (free on board) 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