PTT Exploration and Production PCL (PTTEP) said Wednesday March 15 it would begin commercial operations at Vietnam’s offshore 16-1 block by the end of 2007 after finding crude oil and natural gas in significant amounts.
PTTEP said in a statement tests in the block off the southeast coast showed a combined rate of 17,500 barrels of oil equivalent per day.
Crude oil flowed at about 15,830 barrels per day and gas at about 10.03 million cubic feet per day, it said.
The block is operated jointly by PTTEP subsidiary PTTEP Hoang Long Co Ltd, PetroVietnam Exploration and Production, SOCO Vietnam Ltd and OPECO Vietnam Ltd
PTTEP Hoang Long owns a 28.5% stake in the block and PetroVietnam 41%.
At 0830 GMT, PTTEP shares were up 0.8% at 524 baht, while the overall Thai stock market was 0.02% lower.