Petrovietnam, PVEP to develop Dai Hung prospect

Vietnam Oil and Gas Group (Petrovietnam) and Petrovietnam Exploration Production Corp. (PVEP) have signed a Petroleum Production Sharing Contract for block No 05.1(a) in the Nam Con Son basin offshore Vietnam.

Offshore staff

VUNG TAU CITY, Vietnam -- Vietnam Oil and Gas Group (Petrovietnam) and Petrovietnam Exploration Production Corp. (PVEP) have signed a Petroleum Production Sharing Contract for block No 05.1(a) in the Nam Con Son basin offshore Vietnam.

In 1974, Mobil Oil made a discovery with the Dai Hung prospect but did not carry out appraisal and development activities. Since 1986, Vietsovpetro continued to conduct petroleum operations until the signing of Petroleum Production Sharing Contract between the company and a BHPP-led consortium of international oil companies.

In 1999, due to difficulties including deep water, distance from shore, and complex subsea technology, the members of the consortium withdrew from the Dai Hung project.
Vietsovpetro took over and operated the project until the handover to Petrovietnam Exploration and Production Co. (PVEP, later merged with Petrovietnam Investment & Development Co. to become Petrovietnam Exploration Production Corp.). In 2003, PVEP was appointed to operate the Dai Hung field.

In 2007, the government approved a plan for the second development phase of the field, which included objectives to achieve first oil from the northern wells at the end of 2008 and southern wells in 2011.

06/26/2009

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