Ready to spend: in Vietnam
Talisman plans $1.1bn Vietnam spend
Canada's Talisman Energy plans to invest $1.1 billion to develop commercial production at two offshore oilfields in Vietnam, state media reported today.
The state-run Dau Tu (Investment) newspaper quoted Michael Horn, Talisman's representative in Vietnam, as saying the company would make the investment in Hai Su Trang (White Sealion) and Hai Su Den (Black Sealion) fields.
The two fields, part of Talisman's joint exploration project with state-owned Petrovietnam in Vietnam's offshore Block 15-2/01, would be put into commercial production by September 2011, Petrovietnam said earlier this week, a Reuters report said.
Combined production from the two fields is estimated at 35,000 barrels per day, Petrovietnam said.
Petrovietnam, which has a 40% stake in the joint venture, also said it had discovered a smaller field nearby called Hai Su Bac (Silver Sealion) with tests showing flow of around 600 bpd.
The company said it was making more tests to assess the commercial viability of the find.