Major new discovery in Vietnam’s Block 15-1
The first well drilled in shallow water off southern Ba
Ria-Vung Tau province on the Cuu Long Basin prospect in Vietnam’s
offshore Block 15-1 is an oil discovery. The well (Su Tu Den or “Black
Lion” IX, was drilled by operator Conoco and its partners
PetroVietnam (50%), Korean National Oil Company (14.25%), SK
Corp (9%), and Geopetrol (3.5%). Conoco holds the remaining
23.25%.
Block 15-1 is located approximately 120 miles (180 km) southeast of
Ho Chi Minh City in approximately 154 ft (47 meters) of water.
Results from the first well test achieved a flow rate of 5,600 b/d.
Additional tests on the remaining zones will continue in the coming
weeks.
“This discovery confirms our belief that there are exciting prospects in
Vietnam and we are looking forward to further exploration and
development in the area,” said Rob McKee, Conoco executive vice
president for exploration and production.
Conoco is one of the leading foreign oil companies in Vietnam with
interests in five offshore blocks totaling more than 5.75 million acres
(23,285 sq km). Block 15-1 covers 1.15 million acres (4,634 sq km)
and is situated near the producing Bach Ho, Ruby, and Rang Dong
Fields.
“This discovery builds on the business Conoco has built in Vietnam
with several recent acquisitions that have added immediate earnings
and proved reserves,” McKee added. “Vietnam is a key part of
Conoco's strategy to continue our growth in Southeast Asia. The
country is rich in natural resources and human talent, and we look
forward to working with the Vietnamese government and our partners
to build a long-term and profitable business.”
Conoco holds a 30% interest in Block 15-2, which is currently
producing approximately 40,000 b/d. The company also holds a 40%
interest in Block 16-2, which is currently undergoing a 3D seismic
survey.
Conoco will serve as the operator for Block 16-2's exploration,
development, and first production phases. In addition, Conoco is the
operator with a 70% interest in the deepwater Blocks 133 and 134.
By Dev George - Oil and Gas Online - September 27, 2000.
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