US$1.5Bln for Oil Production Vietnam Block 15-2
Japan-Vietnam Petroleum Co. (JVPC) has invested US$1.5 billion in Block 15-2 offshore southern Vietnam after 15 years, local media said.
The investment is for development of the block where several discoveries have been made.
JVPC is shared by Japan’s Nippon Oil 46.5 per cent stake, US’s ConocoPhillips 36 per cent and Vietnam’s PetroVietnam Exploration and Production Co. 17.5 per cent.
The consortium is developing Phuong Dong oil field in the block to start commercial production in the third quarter next year. The field is estimated to hold 36.2 million barrels of crude oil, 5.3 million barrels of condensate and 111.4 billion cubic feet of natural gas.
JVPC expects initial output from Phuong Dong field to be about 23,000 barrels per day of oil equivalent.
JVPC is now producing oil in Rang Dong field, which started commercial production in 1998.
Rang Dong field has so far produced 138 million barrels of crude oil and 96 billion cubic feet of gas, bringing in total revenue of US$5.2 billion.
The field is now producing 40,000 barrels of crude oil and 1 million cubic feet of gas a day. (Investment)
Vietnamese
