The joint operating company Hoang Long has just found oil and gas at the White Rhino 1X well northeast of Block 16.1 in the Cuu Long Basin on the southern continental shelf.
The joint operating company Hoang Long has just found oil and gas at the White Rhino 1X well northeast of Block 16.1 in the
According to PetroViet-nam, test results show that the well has stable oil flow of 5,900 barrels per day (900cu.m per day) and the maximum rate could reach 8,500 barrels per day (1,350cu.m per day).
Hoang Long Joint Operating Company is a consortium of several investors, including PetroVietnam (41% stake), Britain’s Soco (28.5%), Thailands PTTEP (28.5%) and America’s Opeco (2%).
The Cuu Long Joint Operating Company has also found oil at the Brown Lion oilfield, but has yet to identify the reserve.
Vietnam is the fourth largest oil producer and exporter in Southeast Asia, after Indonesia, Malaysia and Brunei. Since the first ton of crude oil was exploited in 1986, the country has so far produced 200 million tons and exported 180 million tons, earning US$34 billion. Revenue from oil sales contributes to one-fourth of the national budget.
To date, the oil and gas industry has attracted US$7 billion in foreign direct investment.
(Source: SaigonTimes)
