Idemitsu JV Announce Gas Discovery Offshore Vietnam

Idemitsu Oil & Gas Co, JX Nippon Oil & Gas Exploration Corp and Teikoku Oil announced a confirmation of gas and condensate at the third well in Blocks 05-1b and 05-1c southern offshore Vietnam. The Blocks are located 300 km southeast of Ho Chi Minh City.

The well was spudded in August 2012 and reached the target depth in January 2013. The drill stem tests (DST) were carried out from February to April, and accumulations of gas and condensate were confirmed, the partners said a statement.

The detailed reserves evaluation will be conducted, in conjunction with evaluation of other potential prospects in these blocks, the statement said.

In October 2004, the partners jointly entered into a Production Sharing Contract with Petrovietnam for the Blocks 05-1b and 05-1c in southern offshore Vietnam, and investment license was awarded by the Vietnamese government.

Partners in Blocks 05-1b & 05-1c: Idemitsu Oil & Gas Co (operator) 35%; JX Nippon Oil & Gas Exploration Corp 35%; Teikoku Oil (Con Son) Co 30%