7-5-2024 (HANOI) Vietnam’s state oil firm PetroVietnam has announced significant new oil discoveries, marking a crucial milestone for the country’s oil industry. According to PetroVietnam Exploration and Production (PVEP), these discoveries collectively hold an initial reserve of 100.5 million barrels of crude oil.
The exploration efforts come at a pivotal time for Vietnam’s oil sector, which has been grappling with declining proven reserves amidst escalating fuel demands.
PVEP revealed that drilling at the R79 well in the Rong Field within Block 09-1, located off the southeast coast of Vietnam, unveiled initial reserves of 16.5 million barrels of crude oil. The operation was conducted in collaboration with Vietsovpetro, a joint venture between Vietnam and Russia.
In another significant development, PVEP disclosed the discovery of the BA-1X well within Block PM3 CAA, situated off the southern coast of Vietnam. This well boasts initial reserves of 84 million barrels, with production commencing on May 5 at a rate of 2,100 barrels per day. PVEP holds a 30 per cent stake in this block.
Vietnam’s crude oil production witnessed a slight decline of 3.6 per cent in the first four months of this year compared to the same period last year, amounting to 2.78 million metric tons, as per government data.
