CRD partners reviewing offshore Vietnam gas options

PanPacific Petroleum has issued an update on development planning for block 07/03 offshore Vietnam.

Jul 31st, 2015

Offshore staff

NORTH SYDNEY, AustraliaPanPacific Petroleum has issued an update on development planning for block 07/03 offshore Vietnam.

OperatorRepsol (Talisman) should finalize plans for the CRD oil and gas discovery in either late 3Q or during 4Q 2015.

The preferred remains a tension leg wellhead platform linked to an FPSO, with first oil and gas targeted for the second half of 2018. Results of key tenders are due soon.

Currently the assumption is initial oil production of 30,000 b/d via six producer wells and four water injectors, with gas production peaking at 50 MMcf/d over six years from four producers, following ramp up, with additional “tail” gas sales potential.

However, gas exports depend on gas pricing and the availability of pipeline facilities which do not currently extend to CRD. Discussions on commercializing the gas continue with the Vietnamese authorities.

Potentially, the CRD project could recover 45.3 MMbbl of oil, 172 bcf of gas, and 2.3 MMbbl of condensate.

There is possible oil and gas upside at undrilled near-field prospects (North East CRD and West CRD), both of which could be tied into the facilities.

07/31/2015

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