PetroVietnam fulfils 2020 increase to oil and gas reserves

The Vietnam Oil and Gas Group (PetroVietnam) has announced that its exploration of the Ken Bau-2X well, located in the Red River Basin offshore of Vietnam’s northern continental shelf, helped the firm fulfil its plan of increasing oil and gas reserves in 2020 ahead of schedule.

petrovietnam fulfils 2020 increase to oil and gas reserves hinh 0
PetroVietnam fulfills yearly production targets ahead of schedule in 2018. (Photo: pvn.vn)

Eni Vietnam B.V - the operator of the project - and its partner ESSAR E&P each holds 50% of the exploitation contract.

In 2020, Ken Bau-2X was drilled 2 km away from the first Ken Bau-1X. The well was holed on February 29, 2020 and constructed within 150 days.

Eni Vietnam B.V conducted two mini drill stem tests (DST), collecting a lot of fluid sampling, which shows significant hydrocarbon accumulation at the well.

Exploration findings at Ken Bau-2X in 2020 and Ken Bau-1X in 2019 affirmed the existence of oil and gas reserves in the areas and adjacent blocks.

Eni and ESSAR E&P are building an overall appraisal plan for exploiting oil and gas in the areas and drilling for exploration at similar structures in the contracted block.

It will prepare a reserve report and a mine development report. It is expected that Ken Bau-1X and 2X will be put into exploitation from 2028.

PetroVietnam said this is a crucial premise for exploration activities as well as further exploitation in the surrounding areas, contributing to strongly promoting the gas power industry and gas products in the central region.

It is also expected to contribute to ensuring national energy security and promoting the sustainable development of Vietnam’s oil and gas sector in the future.

Eni is an integrated energy company engaged in oil and natural gas exploration, field development and production, and the supply, trading, and shipping of natural gas, LNG, electricity, and fuel. It has been present in Vietnam since 2013 and currently operates four blocks, all located in the underexplored Song Hong (Red River) and Phu Khanh basins, offshore of central Vietnam.

VNA