Block 15-2 is about 120 miles southeast of Ho Chi Minh City in the Cuu Long Basin in 165 feet of water. The block covers 400,000 acres and is in close proximity to the Bach Ho and Ruby fields.
"This is the first well drilled to test the boundaries of the field since Conoco farmed into Block 15-2 in February this year, and we are very pleased with the result," said Rob McKee, Conoco executive vice president for exploration and production. "It confirms our belief that there are many excellent prospects in the area, and we're looking forward to further exploration and development possibilities."
The nearness of the new reserves to the Rang Dong production facility should speed development, McKee said. Production from the Rang Dong field recently increased to about 50,000 bpd as a result of a successful development well, which added 11,000 bpd to total production.
"Conoco is positioning itself to be a significant player in Southeast Asia's oil and gas business," added McKee. "The major discovery we announced in Block 15-1 in September, the success we're announcing today, and the encouraging activity from our seismic studies in Block 16-2, put us well on our way to achieving our aggressive growth goals for Vietnam."
Conoco recently increased its interest from 30 percent to 36 percent in Block 15-2 following approvals from partners and PetroVietnam. Other partners are Japanese Vietnam Petroleum Company (46.5 percent) and PetroVietnam (17.5 percent).
Conoco is one of the leading oil companies in Vietnam, holding interests in five offshore blocks totaling more than 5.75 million acres.
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