Idemitsu takes development step off Vietnam

Jul 12, 2016 12:00 AM

Idemitsu Oil & Gas Co. Ltd. has moved toward development of oil and gas discoveries on two blocks offshore Vietnam with the award of a preliminary contract to Aker Solutions.

Aker will provide front-end engineering design for possible developments designated Sao Vang and Dai Nguyet on Blocks 05-1b and 05-1c about 350 km southeast of Ho Chi Minh City.

Idemitsu will use the FEED work to make an investment decision about development. The blocks are in the Nam Con Son basin, which is productive at Dai Hung and Lan Tay/Lan Do natural gas fields.

Idemitsu and partners drilled the first exploratory well on the blocks in 2007 under a production-sharing contract with Vietnam Oil & Gas Group (Petrovietnam).

After shooting additional seismic surveys, the group confirmed an oil and gas accumulation with a well drilled in 2010 and made further discoveries with two wells drilled in 2012 and 2014.

Idemitsu is operator with a 35% interest. JX Nippon Oil & Gas Exploration Corp. holds 35%, and Teikoku Oil (Con Son) Co. holds 30%.

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