Japanese discover gas off southern Vietnam

August 21, 2014

Three Japanese exploration companies, led by project operator Idemitsu Kosan Co., announced the discovery of natural gas and condensate at the fourth well in Blocks 05-1b and 05-1c offshore southern Vietnam.

The discovery was in the Dai Nga structure in Blocks 05-1b and 05-1c, about 300km (188mi) southeast of Ho Chi Minh City. The well was spudded in February 2014. The drill stem tests (DST) were carried out in May and August, which indicated natural gas and condensate.

Discovery of gas and condensate at this exploration well follows discovery of oil and gas accumulations at other wells drilled in Blocks 05-1b and 05-1c. A detailed reservoir evaluation will be carried out in conjunction with further evaluation of other potential prospects in these blocks.

On 28 October 2004, the partners jointly entered into a production sharing contract (PSC) with Vietnam Oil and Gas Group (PetroVietnam) for Blocks 05-1b and 05-1c. The JV was awarded an investment license by the Vietnamese government on 18 November 2004.

Idemitsu acquired a 598sq km 3D seismic survey and 500km 2D survey in 2005, and then drilled the first exploratory well in 2007. That was folllowed with an additional 1880km of 2D seismic in 2007-2008, completing Phase 1 obligations.

Phase 2 included a second exploratory well, drilled in 2010, followed by another 3D survey covering 814sq km.

A third exploratory well was spudded in August 2012 for Phase 3, reaching TD in January 2013. Idemitsu carried out DSTs from February to April, and announced the discovery of gas and condensate in June 2013.

Idemitsu Oil & Gas Co., Ltd. (Operator) and JX Nippon Oil & Gas Exploration Corp., both part of JX Holdings, each hold 35% interest. Partner Teikoku Oil (Con Son) Co., Ltd. holds the remaining 30%.

Map at right from Idemitsu.



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