New Vietnam oil field estimated to hold 37 mln bbl
HANOI - A new oilfield off Vietnam's southern coast is expected to hold proven and probable reserves of around 4.98 million tonnes of crude oil (37 million barrels), a government report said on Friday.
Appraisals at the Phuong Dong oilfield in a block coded 15.2 also showed condensate reserves of around 0.73 million tonnes and 3.16 billion cubic metre of naturas gas, the government report published on its Web site (www.vietnam.gov.vn) said.
The government ordered JVPC, the operator of the field, which is 46.5 percent owned by Nippon Oil Corp. of Japan, to conduct further tests at the field to determine the exact oil potential.
Other owners of the fields are ConocoPhillips' and Petrovietnam's exploration arm PVEP, which hold 36 percent and 17.5 percent interest, respectively.
Reuters - April 13, 2007.
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