Offshore Vietnam development studies under way by CRD

Commercial possibilities for the CRD discovery off southern Vietnam are under review, according to partner PPP.

Offshore staff

NORTH SYDNEY, Australia – Commercial possibilities for the CRD discovery off southern Vietnam are under review, according to partner PPP.

Operator Premier Oil Vietnam South is integrating results from the recent CRD-2X and side track appraisal wells with the CRD-1X discovery data. Premier is assessing the viability for a commercial development, and whether further appraisal drilling is needed.

Premier’s preliminary estimate of recoverable oil in the CRD structure is in the range 20-65 MMbbl. Further work will be required to assess potential of gas resources which are also contained in the structure.

Recently, Premier instigated a revised seismic interpretation of the block based on 3D seismic data, with a view to updating prospectivity and identifying other drilling candidates.

In the Timor-Leste JPDA 06-103 concession (PPP 15%), operator, Oilex is working on prospects for a third commitment well.

During May, 225 sq km (87 sq mi) of 3D seismic was acquired over the 100-MMbbl Tutuala prospect, and CGGVeritas is currently handling processing, with the PSTM data set due in September.

Additional reprocessing of existing 3D seismic is also under way to confirm the size and shape of Bazartete, an alternative potential target for the next well.

07/29/2011

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