HANOI, June 15 U.S. oil major Chevron (CVX.N)
expects its natural gas project in Vietnam to be delayed until
late 2014 due to prolonged negotiations over gas prices with
oil monopoly Petrovietnam.
Chevron said last year it wanted to start gas production in
2012 from the project off the southwest coast of Vietnam.
The weekly Vietnam Investment Review quoted Chevron's
Vietnam representative, Jim Ollen, as saying the negotiations
with Petrovietnam were "progressing well".
A company official reached by telephone at the Chevron
representative office in Hanoi confirmed the details in the
"First production is expected in 2014, instead of 2012,"
she said, declining to elaborate. Ollen was not immediately
available to comment.
The report also quoted Ollen as saying reference prices
provided by the Asian Development Bank of $5.8 to $8.2 per
million British thermal units could help the two companies
reach an agreement on prices soon.
Chevron, which has a 43 percent stake in the development,
would invest up to $2 billion in the $4 billion project that
includes a gas pipeline and power plants, Ollen was quoted as
Other investors in the project, which comprises Blocks B,
48/95 and 52/97, include Thailand's PTTEP PTTE.BK and Japan's
(Reporting by Nguyen Nhat Lam; Editing by Lincoln Feast)