PetroVietnam-Gazprom JV pumps more gas, condensate in East Sea deep-water project in Q1

By Toan Dao   April 11, 2016 | 05:05 pm PT
PetroVietnam-Gazprom JV pumps more gas, condensate in East Sea deep-water project in Q1
Hai Thach platforms. Photo: Petrotimes
Vietnam-based Bien Dong Petroleum Operating Company, the joint venture between state-owned PetroVietnam (51 percent stake) and Russian Gazprom (49 percent), produced an estimated 0.43 billion cubic meters of natural gas and 113,230 tons of condensate from their Bien Dong 01 deep-water project off southern Vietnam during January-March.

The gas output in the first quarter rose 55.9 percent and condensate production surged 87.7 percent from the same period in 2015. The rising output was boosted by better performance of the oil rigs with operation ratio during January-March reaching some 97.8 percent, higher than the expected 96 percent for the whole year 2016, PetroVietnam-run Petrotimes said in a report Monday. The geological survey, drilling and well completion in the first three months were conducted according to previous plans, the daily said.

PetroVietnam said in late December last year Bien Dong POC plans to produce 2 billion cubic meter of natural gas and 525,000 tons of condensate in 2016. The company’s sales value was expected at $565 million this year.

Gazprom signed an agreement with PetroVietnam for two blocks of the Bien Dong POC in the East Sea in April 2012. The agreement covers the Kim Cuong Tay oil field in block 05.2, and two gas and condensate fields -- Moc Tinh in block 05.3 and Hai Thach in blocks 05.2 and 05.3. The aggregate reserves of the two gas and condensate fields are evaluated at 55.6 billion cubic meters of gas and 25.1 million mt of condensate. First gas from the project was pumped in August 2013, according to Gazprom.

The Bien Dong 01 is a key upstream project of PetroVietnam in the East Sea. Its geological conditions are very demanding with high temperature and great pressure at a sea depth of 140 m, PetroVietnam has said.

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