Japan-Vietnam Petroleum Finds Oil Offshore Southern Vietnam
The Japan-Vietnam Petroleum Co. Ltd. (JVPC) has reported that a new oilfield off Vietnam’s southern coast may hold reserves around 4.98 million tons of crude oil, or 37 million barrels.
The JVPC’s appraisals of the Phuong Dong oilfield in Block 15.2, which provided a probability of 50 per cent, also showed reserves of 730,000 tons of condensate and 3.16 billion cu.m of natural gas.
Vietnamese Deputy Prime Minister Nguyen Sinh Hung has ratified the appraisals.
He ordered the Vietnam National Oil and Gas Group (PetroVietnam) and the JVPC, which is 46.5 per cent owned by Nippon Oil Exploration Limited of Japan, to conduct further tests at the field to determine the exact oil potential. (VNA)
Vietnamese
