CRD partners offshore Vietnam assessing tie-in potential

Offshore staff

NORTH SYDNEY, Australia – PanPacific Petroleum (PPP) says the partners in block 07/03 offshore Vietnam have approval to retain a 2,108-sq km (848-sq mi) portion - the Cobia area - for an additional five-year period.

During 3Q work a 2,000-sq km (772-sq mi) 3D seismic survey was completed to assess possible upside oil and gas potential in undrilled field prospects northeast and west of the CRD discovery. Commercial finds on these structures could be tied back to a CRD development.

Operator Repsol (Talisman) continues to work on planning for CRD and should complete the process during 1Q 2016.

PPP adds that third-party bids have been reviewed for the tension leg wellhead platform and FPSO, and discussions continue with the Vietnamese authorities on gas commercialization terms.

The oil development currently assumes initial production of 30,000 b/d with six producer and four water injector wells.

Gas forecasts assume plateau output of 50 MMcf/d (1.4 MMcm/d) for six years from four producers following ramp up, with additional tail-gas sales potential.

However, export will depend on gas pricing and the availability of pipeline facilities that at present do not extend to CRD. Both remain subject to PetroVietnam’s approval.



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