Conoco expands offices in Vietnam

Jul 17, 2000 02:00 AM

With growing interests offshore Vietnam and optimism about the Southeast Asian economy, Conoco is expanding its offices in Vietnam and transferring Houston-based manager Joe Hwang to Ho Chi Minh City to oversee upcoming exploration and production activities and other company business.
"Conoco sees considerable opportunity in Vietnam and Southeast Asia. The recent steps that the United States and Vietnam have taken to normalise trade relations are yet another signal of continued progress for the Vietnamese economy," says Rob McKee, executive vice president, exploration and production.
"Recently, we made several strategic acquisitions to enhance our portfolio in Vietnam and are actively pursuing opportunities in other Southeast Asian countries to turn the region into a major area of operations for Conoco," McKee says. "The acquisitions have given our company significant holdings that complement our existing acreage, have added immediate earnings and production growth and strengthened the synergies we have created with an integrated development program."
"The decision to transfer the Houston-based Vietnam management team to Ho Chi Minh City further signifies our commitment to the country. Leading the team will be Joe Hwang, General Manager of Vietnam, who has been with Conoco for 20 years and has managed several projects in Asia, as well as the North Sea, Russia, Gulf of Mexico and South America. I am certain that Joe and his team will continue to make progress to broaden Conoco's position in Vietnam and build on the ties we have established with our partners," McKee added.

Conoco established its first Vietnam office in 1996 and currently has offices in Hanoi, Ho Chi Minh City and Vung Tau. Conoco is the largest acreage holder of any foreign company in Vietnam. Current holdings include Blocks 15-1, 15-2, 16-2, 133 and 134. The Block 15-2 partnership has implemented horizontal drilling technology in the Rang Dong field, which has greatly improved the daily production from those wells. Total production for the field is approximately 40,000 bpd at this time and more production and appraisal wells will be drilled this year.
In August, Conoco and its joint-operating partner Korean Nation Oil will drill their first exploration well in Block 15-1, located in the Cuu Long Basin. Also, Conoco will begin acquiring 3-D seismic data for Block 16-2, located near the existing giant Bach Ho oil field. Conoco holds a 40 % interest in the block and will serve as operator for the exploration, development and the first production phases.
"Overall, Conoco is very active in Vietnam," McKee adds. "In addition to our existing business programs, we are actively pursuing other oil and gas opportunities in the country and the possibility of entering the power generation business."

Conoco is a major, integrated energy company based in Houston and active in more than 40 countries.

Source: Business Wire
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