SINGAPORE (AFX-ASIA) – Singapore Petroleum Company Ltd (SPC) said its wholly-owned subsidiary SPC Vietnam Co Ltd has acquired a 10% farm-in interest in Blocks 102 and 106 Production Sharing Contract located in the Gulf of Tonkin from ATI Petroleum Inc for US$3.5 million.
The company said it will participate in exploration for oil and gas in the blocks together with other partners, namely Petronas Carigali Overseas Sdn. Bhd., PetroVietnam Investment & Development Company and ATI Petroleum.
The partners have mapped several prospects in the blocks with the drilling program targeted to commence in the second half of 2004, it added.
Separately, engineering service provider Technics Group Holdings Ltd said it has secured contracts worth about S$3 million from India, China and Brunei.
The company, whose services support the offshore oil and gas industry, said the Brunei project involves the construction and supply of liquid and gas metering systems for a development project.
The projects in India and China involve the construction and supply of crude oil and gas metering systems and ultrasonic flowmeter gas metering systems.
These projects are expected to be completed by the end of this year, it added.