Japan-based Mitsui & Co Limited has made a final investment decision to develop the Block B gas field in Vietnam at an investment of nearly USD740 million. The project, located 330 km off southwest Vietnam, will consist of a gas field and a pipeline connecting it to a gas-fired thermal power plant. Mitsui is investing through its unit Mitsui Oil Exploration (MOECO), in collaboration with partners including state oil and gas group Vietnam Oil and Gas Group, PetroVietnam Exploration Production Corporation, PetroVietnam Gas Joint Stock Corporation, and Thailand-based PTT Exploration and Production Public Company.
The gas field is projected to have a production capacity of 490 million cubic feet per day, with production scheduled to commence by the end of 2026. Additionally, the project will entail midstream development for gas transportation.