Discovering the Oil and gas at Block 16-2 at Mekong Delta (Cuu Long) Basin (120 km from Vung Tau)

Block 16-2 is located next to Block 16-1 in the Cuu Long Basin (with the Te Giac Trang mine cluster being commercially exploited), about 120 km southeast of Vung Tau. This is a near-shore area with facilities and an underground gas pipeline system, so it is very convenient for development and exploitation.

From the result of this reservoir testing, the preliminary flow rate is about 3,500 barrels of oil/day and associated gas. Vietnam Government requested to study proposals of experts on the oil and gas discovery at 16-2 Block.

16-2 Block is located next to the 16-1 Block in the Cuu Long Basin (with the White Rhinoceros (Te Giac Trang) Block group that be commercially exploited), about 120 km southeast of Vung Tau. This is a near-shore area with facilities and an underground gas pipeline system, so it is very convenient for development and exploitation.

This is the oil and gas block operated by SK through a product-sharing contract (PSC) signed with PVEP. After changing names many times, in 2020 SK bought more shares and became the operator with 70% holds and PVEP with 30% holds of the shares. This is a drilling campaign carried out by the PV DRILLING VI rig of PetroVietnam Drilling and Drilling Services Corporation (PV Drilling).

From this result, it is expected that the Operator will deploy one or two more exploration and appraisal wells to accurately determine oil and gas reserves and output before preparing a reserve report to announce commercial discoveries. With this result and the new regulations of the Petroleum Law (amended), it can be seen that: The discovery of the Golden Hippopotamus potential will soon be updated into the commercial exploitation plan, through the development plan.

Looking more broadly, at these positive results, PVEP and its partners will be more proactive in implementing search, exploration and salvage exploitation projects in neighboring areas in the Cuu Long Basin, with the goal to continuously maintain and increase oil and gas output of PVEP, as well as of the Petro Vietnam in the coming years./.