On 16 November, a new round of meetings of the managing committees for blocks 111/04, 112, 113 and 129 – 132 on the continental shelf of the Socialist Republic of Vietnam, managed by JOC Vietgazprom and established by Russia and Vietnam on a parity basis, took place in St. Petersburg. Gazprom’s interests in this joint venture are represented by Gazprom International.
The events were attended by Vsevolod Cherepanov, Board Member and Head of Department at PJSC Gazprom, Sergey Tumanov, Managing Director of Gazprom International, Phan Tien Vien, Head of Exploration Division at Petrovietnam, Pham Nhu Khanh, Deputy General Director of Oil and Gas Exploration and Production Corporation (PVEP), Sergiy Mykhaylenko, General Director of JOC Vietgazprom and other representatives of the companies.
The participants discussed the implementation of the refined work programs for 2016, with regard to both contracts. In particular, it was noted that this year the electrical survey of 1,000 linear kilometers has been completed in blocks 111/04, 112, 113. The data has been processed and interpreted together with the 2D seismic survey data over 500 linear kilometers. It has been projected that the exploration at the blocks will continue in 2017, along with exploration of opportunities for development of the previously discovered Bao Vang gas field.
With regard to blocks 129 – 132, the processing and analysis of the results of drilling and tests of the VGP-131-ТВ-1Х and VGP-130-TD-1X exploration wells (the deepest sea wells in Vietnam), as well as the reinterpretation of 2D seismic data were undertaken in 2016. An estimate of current reserves for the Than Bien and Than Dat structures is in the process of being determined. The reprocessing and reinterpretation of the geological and geophysical data acquired, as well as an assessment of oil and gas bearing potential perspectives and a resource evaluation of the objects discovered are planned for next year.
Following the review, the committee members adopted the programs and budgets for both projects for 2017.
Gazprom International has been involved in projects for blocks 111/04, 112, 113 and 129-132 on the shelf of the Socialist Republic of Vietnam since 2002.
Blocks 111/04, 112 and 113 with a total area of 17,300 square kilometers are located on the continental shelf of Central Vietnam in the Gulf of Tonkin. In 2007, the Bao Vang gas condensate field was discovered within the territory of the blocks, and in 2009, commercial hydrocarbon reserves were discovered in the Bao Den structure.
The exploration stage was scheduled for completion by the end of 2016. However, for production reasons, it may be prolonged until the end of 2019.
Blocks 129-132 are situated in the southeastern part of the South China Sea, occupying a total area of 28,400 square kilometers. In 2015 and 2016, two deepwater exploration wells were built and the Than Bien gas field was discovered within the blocks. The first two stages of exploration are scheduled to be finished in 2018.