Vietnam eyeing deep-water

oilrig29 November 2013, News Wires – Vietnam is planning to target deep-water plays as it looks to keep up with rising demand and falling production.

Speaking at the 2013 Asean Council on Petroleum (Ascope) conference in Ho Chi Minh City, PetroVietnam vice president Nguyen Quoc Thap said the company was trying to expand its deep-water activity.

However he noted that it faced technical, human resource and financial challenges in targeting the deeper offshore plays and called on cooperation from the fellow Asean member countries to help meet the regions energy demands.

“Fortunately Asean countries have a long term proven cooperation which can be the main driver for our continued success,” he said.

The chief executive of Petrovietnam Exploration Production, Do Van Khanh, said the company was already targeting the deep-waters off Vietnam but the exploration of these plays is still in its infancy.

“Right now it is too early to say what is gas prone or oil prone (in regards to Vietnam’s offshore basins) but we are looking for both,” he told delegates.

He noted the company had already tasted success with its joint venture partner ExxonMobil in the deep-waters of the Phu Khanh basin, on Block 118.

ExxonMobil revealed it had hit gas in a well on the block in 2011, while a follow-up well on the block last year also encountered gas.

– Upstream

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