The signing was followed the MOU inked by PVN and Premier Oil on the sideline of APEC meeting in Da Nang, Vietnam on Nov 10th, 2017.

The agreement was signed by Deputy General Director of PVN Nguyen Quoc Thap, General Director of PVGas Duong Manh Son and General Director of Premier Oil Gary Selbie. From the signing date, all PVN’s obligations and benefits as the Buyer will be transferred to PVGas. Premier Oil continues as the assignee on behalf of Tuna gas shareholders to sign and complete scope of works with PVN and PVGas.

PVGas and Premier Oil will be in talks on the heads of agreement of gas sale agreement (HOA GSA) from January 2019 with the aim to sign GSA in Q.III/2020. First gas supply from Tuna Block will be delivered to Vietnam from Q.III/2024 at a minimum of 3,3 Mmcm/d.

Tuna Block located in a water depth of approximately 110m offshore Indonesia near the maritime boundary with Vietnam, southwest of Lan Tay field. The Block includes Kuda Laut and Singa Laut fields, has an estimated recoverable reserve of above 10 bcm of gas. The successful negotiation of GSA from Tuna Block will add more than 10 bcm of gas to PVGas amid decreased supply to meet demand of its industrial customers in the Southeast Vietnam from 2024 and facilitate gas import via pipelines to Vietnam, linked with other gas resources in the region in future.