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Aug 31, 2014 / 09:51

Vietsovpetro discovers new oil well offshore Vietnam

The Vietnam-Russia Oil and Gas Joint Venture Enterprise (Vietsovpetro) has announced it discovered oil from Oligocene sediments at Sturgeon well of Lot 09-3/12 off Vietnam’s continental shelf.

The first oil flow was discovered on August 2, and approximately 2,000 barrels have been since pumped up from the well every day.

This is an initial result of the first search-exploration phase under a Lot 09-3/12 contract between the consortium of contractors PetroVietnam (55%), PVEP (30%) and Bitexco (15%), and the Vietnam National Oil and Gas Group (Petrovietnam).

Lot 09-3/12, at a depth of 60m below sea level, is about 160 km off Vung Tau coast and near Vietsovpetro’s existing oil and gas fields, making it easier for the joint venture to exploit the new well in the future.

Vietsovpetro is making an assessment of the new well’s reserves to work out an exploitation scheme.