Chevron gas boost for Vietnam
Chevron said today that a new well drilled in the licenced development area
in the Malay basin off Vietnam shows large amounts of additional gas than
had been previously verified, bringing in-place resource to at least 5
trillion cubic feet of natural gas.
The US giant finished a three month drilling campaign in mid-March in blocks
B&48/95 and 52/97 that lie 300 kilometres off Vietnam, which extends the
potential of the Chevron operated joint venture’s licenced development area
further to the north than had been previously tested.
The success of the drilling programme could add up to 670 square kilometers
to the current development licence.
“Chevron, along with our partners, is working with the government of
Vietnam, PetroVietnam and Vietnam Electricity to find creative solutions to
address the country’s growing energy needs,” said Chevron’s Vietnam
president, Hank Tomlinson, in a statement today.
Last year, PetroVietnam approved a revised outline development plan,
including a joint development area and unitisation agreement that were
signed for Vietnam’s gas project. The project aims to develop an area in the
Malay basin to supply natural gas to state-owned PetroVietnam. The plan
includes installation of a central processing platform and multiple well
head platforms, a floating production and storage vessel, plus infield
pipelines.
The timing of first natural gas production is dependent upon the successful
outcome of commercial negotiations.
Maximum total production of around 500 million cubic feet of natural gas per
day is projected within five years of start-up, said Chevron.
Tomlinson added "We are all working hard to finalise the commercial
arrangements with PetroVietnam in order to move this important project
quickly into the next phase."
Chevron operates the blocks on behalf of partners PetroVietnam Exploration
and Production (PVEP), Mitsui Oil Exploration, and PTT Exploration and
Production Public Company (PTTEP).
26 March 2008 06:03 GMT
| last updated:
26 March 2008 06:06 GMT
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