Change To Oil & Gas Contracts

November 2003
Asia Monitor: South East Asia Monitor Volume 1;Nov2003, Vol. 14 Issue 11, p5
Country Report
Country Report
Vietnam's state oil company Petro Vietnam plans to offer international oil companies (IOCs) the chance to operate through production sharing contracts (PSCs), which enable foreign investors to take over sole operatorship of a field. Previously, the Asian nation had required that its foreign associates use the joint operating company (JOC) model, which involved the formation of a new operating company staffed by employees from each of the shareholding partners. PSCs give IOCs more control over the blocks, often leading to lower costs and increased efficiencies. Petro Vietnam had originally used the JOC model in order to gain experience from its foreign partners and exercise control over producing fields, but found it slowed the decision process.


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