A contract was signed in Hanoi last Tuesday by PetroVietnam director general Tran Ngoc Canh and KNOC director general Yi Ok-Su and witnessed by Vietnamese Prime Minister Phan Van Khai and Korean Prime Minister Lee Hae-chan, according to Vietnamese news agencies.
KNOC plans to invest approximately US$300 million developing the fields using an FPSO, underground pipelines and subsea wells. The fields are estimated to hold recoverable reserves of about 24.24 billion cubic metres of gas and 3.63 million cubic metres of condensate.
An initial program to flow gas from the fields began last December.
