Vietsovpetro makes new oil find

Vietsovpetro: The Russian-Vietnamese joint venture's find will help it achieve its 2011 production target, the newspaper reported.

Russian-Vietnamese joint venture Vietsovpetro has reported a new oil flow of 4560 barrels per day at a well near the Bach Ho field, the country's largest offshore site, state media has reported.

The venture found strong oil flow at a depth of between 3377 metres and 3396 metres at well 50, northwest of the Bach Ho field, the provincial Ba Ria-Vung Tau newspaper reported, citing a Vietsovpetro statement.

Vietsovpetro is a venture between state oil and gas Petrovietnam group and Russian state oil firm Zarubezhneft formed in 1981, Reuters reported.

The finding would help boost oil reserves as well as help Vietsovpetro achieve its annual production plan for 2011, the newspaper said, without giving any more details.

Production of the venture has fallen gradually since the 2002 peak of 13.5 million tonnes. In 2010 Vietsovpetro's crude oil output reached an estimated 6.4 million tonnes, or 129,000 bpd.

Vietsovpetro's output represents around 40% of Vietnam's annual crude oil production, estimated at 15 million tonnes in 2010, Reuters reported.

Petrovietnam expects its crude oil output in the second half of this year to rise 8% from the first six months to 7.79 million tonnes, or 310,300 bpd, bringing its full-year output to 15 million tonnes, unchanged from 2010.

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