4:05:39 PM | 9/7/2008
Premier Oil Plc, a leading British indepent oil and gas company, may invest US$400 million in the next three years in Vietnam, Phil MacLaurin, Premier Oil&rsquos country manager said.
&ldquoPremier Oil [which firstly invested in Vietnam in Sep of 2004] has invested more than US$70 million in exploring the Nam Con Son Basin the first three years,&rdquo Phil MacLaurin was cited by the Vietnam Economic News, published by the Vietnamese Ministry of Industry and Trade as saying.
&ldquoPremier Oil uses high technology solutions to help pinpoint previously undiscovered hydrocarbons and ensure most cost efficient technical solutions to maximize the recovery of hydrocarbons from our oil fields.&rdquo
Techniques such as 3D seismic acquisition and processing allow experts to accurate models of rocks several kilometers below the seabed and to determine where oil is trapped and how best to extract it, he noted.
Premier Oil has benefited from close links with local companies and institutes. Joint ventures between PetroVietnam affiliates and major oil field contractors have serviced Premier Oil&rsquos drilling operations.
In 2006, the U.K.&rsquos company conducted a drilling program, which discovered two oil fields called Dua and Chim Sao and then has focused on fast track development of these fields. It plans to pump first oil from Chim Sao in mid-2010, the paper said.
Premier Oil has been operating an exploration area in the Nam Con Son Basin in the East Sea (South China Sea), 400 kilometers south of Ho Chi Minh City. (Vietnam Economic News)
Vietnamese
