PTT Exploration and Production PCL (PTTEP) said on Thursday March 9 a subsidiary had found crude oil and natural gas in Vietnam’s offshore 16-1 block in significant amounts.
PTTEP, 65% owned by top Thai energy firm PTT PCL, said in a statement a first test showed a crude oil rate of about 3,300 barrels per day and a natural gas flow of about 0.88 million cubic feet per day.
The well was drilled to a depth of 3,436 metres (11,270 ft) in the block off the southeast coast and further tests were being prepared, it said.
The block is operated jointly by 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%.