Vietsovpetro to Start Drilling at Two New Oil Blocks in 2013

HANOI - Vietsovpetro said Thursday that it will start exploratory drilling at two new oil blocks offshore Vietnam this year, aiming to raise its proven reserves to compensate for declining output from its Bach Ho field.

The Vietnam-Russia joint venture said in a statement on its website that it will start drilling at Block 09-3 at the end of March or early April. It added that it will start drilling at the Bo Cau well in Block 04-3 but didn't give a specific timeframe.

The company said it targets to produce 5.4 million metric tons of crude oil in 2013, down from 6 million tons last year.

Vietsovpetro is 49%-owned by Vietnam Oil and Gas Group, or PetroVietnam, and 51% by Russia's JSC Zarubezhneft. 

Copyright (c) 2012 Dow Jones & Company, Inc.

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