BP Announces Third Gas Find Offshore Vietnam

abarrelfull wrote on 07 Aug 2012 06:12
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18 July 1995

BP announced today (Tuesday, 18 July 1995) that it and its partner, Statoil, have made their third significant gas find in the Nam Con Son Basin offshore Vietnam.

The Hai Thach (Aquamarine) discovery is located in block 05.2 which is held two-thirds by BP and one-third by Statoil. It lies 50 kms north of the Lan Tay and Lan Do gas fields in adjacent Block 06.1 which were announced by BP and its partners in September last year and have estimated reserves of two trillion cubic feet (57 billion cubic metres).

BP said the Hai Thach-1X discovery well had encountered a substantial gas-bearing interval at depths below 2,900 metres. Extensive downhole testing demonstrated the presence of high-quality gas in good reservoirs capable of producing at high flow rates.

The well was now being suspended at a depth of 4,160 metres pending re-entry with specialised equipment capable of conducting a full well-test in high-pressure, high-temperature conditions. The company said it would have a better indication of recoverable reserves once the tests were complete.

BP Exploration Chief Executive Rodney Chase described the results as "very encouraging" and said: "BP has already made good progress in establishing its activities in Vietnam, a country which we believe offers the potential to build a significant business over time.

"This latest discovery has greatly increased our confidence that Vietnam can develop a substantial offshore gas industry. With three significant finds so far, we are now looking hard at the potential of other prospects we have identified in our acreage."

Notes:
Block 05.2 is some 2,500 square kilometres in area and equity interests are: BP 66.66% and Statoil 33.33%. The state company, Petrovietnam, has an option to acquire up to 17.5% of the BP and Statoil stake.

BP and Statoil are working with Petrovietnam and other companies on a feasibility study for a pipeline to take gas ashore from the Nam Con Son basin for possible power generation, fertiliser production and other industrial uses in Vietnam.

• BP Announces Third Gas Find Offshore Vietnam

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