The Joint Operating Company Vietgazprom, which is conducting exploratory drilling in the Bao Vang deposit (in the central part of the continental shelf of the Socialist Republic of Vietnam), has obtained a recoverable reserve of gas and condensate during the testing process of the second objective of the VGP-113-BV-3X well.
As Sergiy Mykhaylenko, the company's Director of geological exploration, said: "The reserve obtained confirms the assessments of reserves in the Bao Wang deposit which were made earlier. Now we are carrying out surveys to determine the key characteristics of the gas and condensate influx. An assessment of the hydrocarbon yield will also be made for us."
Work will be carried out at the well very soon to specify the filter capacity behaviour of the bed and the hydrocarbon yield.
The second exploratory well in the Bao Vang deposit was drilled in August 2010. It is 1,600 metres deep.
The Joint Operating Company Vietgazprom formed the Corporation for Oil-and-Gas Prospecting and Production PVEP (a subsidiary of the Vietnamese National Oil-and-Gas Group VNNG PetroVietnam) and Gazprom zarubezhneftegaz (a subsidiary of Gazprom) on an equal-shares basis in 2002, with the aim of implementing the Oil-and-Gas Contract for Block 112 of the continental shelf of the Socialist Republic of Vietnam. The contract provides for the exploration, prospecting, extraction and sale of hydrocarbons subject to production sharing through the Joint Operating Company Vietgazprom.
In 2005, the Ministry for Planning and Investment in the Socialist Republic of Vietnam licensed the extension of the Contract's area of application.
In 2007, Vietgazprom drilled a prospecting hole in the Bao Vang structure which indicated reserves of gas.