New oil and gas discovery

Idemitsu Oil and Gas Co., Ltd, JX Nippon Oil & Gas Exploration Corporation and Teikoku Oil (Con Son) Co., Ltd announced a discovery of oil and gas at an exploration well in the “Dai Nga” structure in the Blocks 05-1b and 05-1c southern offshore Vietnam.

The Blocks 05-1b and 05-1c are located 300 kilometres southeast of Ho Chi Minh City. The structure is located approximately 2,900-3,600 metres below sea level at a water depth of 120m.

The well 05-1c-DN-1X was spuded in August and reached the target depth in October 2010. The drill stem tests were carried out, and accumulations of oil and gas were confirmed.

According to Idemitsu, the detailed reservoir evaluation will be conducted, in conjunction with evaluation of other potential prospects in these blocks.

In October 2004, the partners jointly entered into a production sharing contract with Vietnam Oil and Gas Group (Petrovietnam) for the Blocks 05-1b and 05-1c in southern offshore Vietnam, and investment licencewas awarded by the Vietnamese government.

Idemitsu and JX Nippon Oil and Gas Exploration Corporation take equally 35 per cent interest of the production sharing contract while Teikoku Oil takes the rest. – VIR

Tags: Idemitsu Oil and Gas Co, JX Nippon Oil & Gas Exploration Corporation, Teikoku Oil