PTTEP Started Production of Crude Oil from Vietnam 9-2 Project

Source: www.gulfoilandgas.com 7/28/2008, Location: Asia

PTTEP started production of crude oil and natural gas from Ca Ngu Vang field of Vietnam 9-2 project. This is the third PTTEP project that started production this year. Mr. Anon Sirisaengtaksin, CEO of PTT Exploration and Production Public Company Limited or PTTEP said that the production of crude oil from Ca Ngu Vang Field, located in Block 9-2, started on 25 July 2008 at the rate of approximately 8,000 barrels per day (bpd). The production is expected to rise to approximately 20,000 bpd of crude oil and 25-50 mmscfd of natural gas by the end of this year.

Ca Ngu Vang is a petroleum field with high potential. Crude oil was first discovered in 1998. The Government of Vietnam gave the permission to commercially develop it in 2006.

Vietnam 9-2 Project is 140 kilometres off shore Vung Tao City in Vietnam, covering an area of about 1,370 square kilometers. It is operated by Hoan Vu Joint Operating Company which was founded by its three partners namely PTTEP Hoan Vu Co.,Ltd., a subsidiary of PTTEP, with 25% share, PetroVietnam Exploration Production Corporation with 50% share, and SOCO Vietnam Ltd. with 25% share.

Since the beginning of the year 2008, PTTEP has started production from three new projects: G4/43 Project in the Gulf of Thailand which produces approximately 8,000 barrels of crude oil per day, Arthit Project which PTTEP is the operator and holds 80% share now produces approximately 370 million cubic feet of natural gas per day (MMSCFD) and about 20,000 barrel per day of condensate, and the Vietnam 9-2 Project. Waiting in the wings are JDA Project, scheduled to start production next year, and Vietnam 16-1 Project which will start production in 2011.


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