The joint operations company (JOC) Vietgazprom has started drilling a second prospecting borehole in Area 112 of the shelf of Bak Bo Bay in Northern Vietnam. The first areas chosen for exploratory borehole drilling within Area 112 were the Bao Den and Bao Vang structures, with total gas resources in the areas of 300 bcm.
JOC Vietgazprom started trading on 21 June 2002. Currently, one prospecting borehole has been drilled in Area 112.
The oil and gas contract for Area 112 of the Vietnamese Continental Shelf, between OAO Gazprom, the Vietnamese oil and gas company Petrovietnam, its subsidiary the supervisory company Petrovietnam (NKPV), and ZAO Zarubezhneftegaz, was signed on 11 September 2000.
The first prospecting borehole was drilled in Area 112 in February 2004. A flow of gas was obtained, but the analysis showed a high content of carbonic acid gas. Because of that, by agreement with the Vietnamese Planning and Investment Ministry, the contract area was extended.
The geological reserves of the deposits in the Bak Bo Bay shelf are estimated at 890 bcm of gas.
The sea depth in the drilling area is about 100 m. The boring vessel Neptune Discoverer arrived at the drilling site in December 2006.