In a statement Williamson said, "Unocal will not see revenue from its Vietnamese interests until 2008 or 2010 [but I have] been in discussions with PetroVietnam and Electricity of Vietnam (EVN) about gas sales to an EVN plant in southern Vietnam."
The result of the three-way negotiation is PetroVietnam has agreed to build a US$350 million, 500 km pipeline between Unocal's fields and EVN's 750 MW gas-powered power plant.
"The O Mon plant is due to commence operation in 2008. Unocal has approximately 10 trillion cubic feet of gas in [our] three gas blocks. The Company's focus now [is] to bring that gas to market," said Williamson, who did not elaborate further.
The blocks Williamson alludes to are believed to be Blocks B, 48/95 and 52/97 in the Gulf of Thailand, comprising of a total surface area of around 16,766 sq km. Unocal is the operator of all three blocks.
