Petrovietnam Exploration Production Corporation (PVEP) has announced a new oil and gas discovery at Block 11-2 offshore Vietnam and said it will drill seven additional offshore wells in the second half of the year to boost reserves.
The company said it added 1.58 million tonnes of oil equivalent to its reserves during the first six months of the year, achieving 34 per cent of its annual target.
By the end of June, PVEP had completed technical reviews and approvals for 13 of 14 engineering design programmes and approved 11 of 14 investment reports for exploration and appraisal wells.
Of the 14 wells planned for this year, drilling rigs have been secured for 11. Five wells have been completed, two are currently being drilled and the remaining seven are scheduled to begin during the final months of the year.
Among the exploration successes was the RDM-1X well in Block 11-2, which discovered oil and gas at the Rong Doi Moi structure. The discovery is estimated to contain around 242.5 billion cubic feet (bcf) of gas in place.
PVEP said the find is expected to increase its reserves by approximately 1.36 million tonnes of oil equivalent and could support future production of around 40 million cubic feet of natural gas and 2,000 barrels of condensate per day.
Block 11-2 is located in the western part of the Nam Con Son Basin, about 320km southeast of Vung Tau off Vietnam's coast. The block covers 691 square kilometres in waters 85-90 metres deep.
Other exploration wells, including TGT-18X in Block 16-1, DH-32XP in Block 05-1(a) and HSV-2X in Block 15-2/17, have also delivered encouraging results, improving reserve estimates and production prospects.
The Dai Hung Phase 3 field development project, Block 05-1(a) (Photo: PVEP).
PVEP said most of the new discoveries could be brought into commercial production relatively quickly, helping replenish reserves, offset the natural decline of existing fields and improve the economic performance of its projects.
Alongside its drilling programme, the company is investing in artificial intelligence to improve reservoir prediction, optimise well placement, build integrated exploration and production databases and accelerate digital transformation to enhance geological forecasting and reduce technical risks.
During the second half of the year, PVEP aims to complete its exploration and appraisal programme, drill additional wells, expand seismic surveys, increase the use of advanced technologies and meet its annual reserve growth target.