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TNK-BP Vietnam to Drill

TNK Vietnam, a subsidiary of TNK-BP Group, will next month start drilling two subsea wells in Vietnam's Lan Do field, one of the assets purchased from shareholder BP.

First gas from the $400 million project is scheduled to come on stream in the fourth quarter of 2012, and will help offset declining production at the nearby Lan Tay field, Hugh McIntosh, general director of TNK Vietnam, said Monday in Hanoi. The company expects 2 billion cubic meters of natural gas output annually from Lan Do.

The company also plans to participate in the current licensing round for offshore oil and gas blocks being auctioned by Vietnam Oil & Gas Group, known as PetroVietnam.

(Bloomberg)

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