According to Vietnam Energy Magazine's own source: On the afternoon of October 26, 2023, the results of the exploration well conducted by the Petroleum Innovation Joint Venture (SK) and the Petroleum Exploration Production Corporation (PVEP) are being carried out. Oil and gas has been discovered in the Ha Ma Vang formation in Block 16-2. From the results of reservoir testing, the preliminary flow rate is about 3,500 barrels of oil/day and associated gas.
Block 16-2 is located next to Block 16-1 in the Cuu Long Basin (with the Te Giac Trang mine cluster being commercially exploited), about 120 km southeast of Vung Tau. This is a near-shore area with facilities and an underground gas pipeline system, so it is very convenient for development and exploitation.
Oil and gas block 16-2 is operated by SK through a product sharing contract (PSC) signed with PVEP. After changing names many times, in 2020 SK bought more shares and became the operator. Accordingly, SK holds 70% and PVEP holds 30% of the shares.
This is a drilling campaign carried out by the PV DRILLING VI rig of PetroVietnam Drilling and Drilling Services Corporation (PV Drilling).
From this result, it is expected that the Operator will deploy one or two more exploration and appraisal wells to accurately determine oil and gas reserves and output before preparing a reserve report to announce commercial discoveries. commercial.
Block 16-2 is located next to Block 16-1 in the Cuu Long Basin (with the Te Giac Trang field cluster being commercially exploited) operated by Hoang Long Petroleum Joint Venture Company, about 120 km southeast of Vung Tau. . This is a near-shore area with facilities and an underground gas pipeline system, so it is very convenient for development and exploitation.
With this result and the new regulations of the Petroleum Law (amended), it can be seen that: The discovery of potential Hippo Vang will soon be updated into the commercial exploitation plan, through the development plan. independent of the Operator, or connected to the Te Giac Trang mine complex.
Looking more broadly, from yesterday's positive results, PVEP and its partners will be more proactive in implementing search, exploration and salvage exploitation projects in neighboring areas in the Cuu Long Basin, with The goal is to continue to maintain and increase oil and gas output of PVEP, as well as the entire Vietnam Oil and Gas industry in the coming years.
