PetroVietnam Makes Discoveries in Algeria and Malaysia

PetroVietnam Investment & Development Company (PIDC), a wholly owned subsidiary of PetroVietnam, announces its success in two exploration projects in Algeria and Malaysia.

In Algeria, as the operator of the Exploration, Appraisal and Production project for Blocks 433a & 416b in the Sahara Desert, PIDC has executed the project since mid 2003 with 40% of participating interest. The other partners in the contract are PTTEP Algeria and the national oil company of Algeria (Sonatrach) with the participating interests of 35% and 25% respectively. Most of the contractual work commitments of the 1st Exploration Period have been fulfilled by the end of 2005. During the drilling program in 2005, the appraisal well (BRS-6bis) was drilled to a total depth of 3930 meters and completed as an oil production well. The Ordovician Hamra sandstone reservoir was confirmed and tested at a flowing rate of 5,120 BOPD and 4.8 MMSCFPD at the choke size of 40/64". The test confirmed the extension, distribution and deliverability of the Hamra reservoir and the commerciality of the Bir Seba (BRS) discovery. Previously, the exploration well MOM-2bis made an oil discovery from the Ordovician M'Kratta of MOM structure. Currently, PIDC and partners are accelerating a comprehensive appraisal program for the existing discoveries together with an extensive exploration program in order to have the first oil production by the year 2009.

In Malaysia, under the Tripatite Cooperation among three national oil companies of Vietnam, Malaysia and Indonesia, PIDC has been jointly operating the exploration project for Block SK305, offshore Sarawak, Malaysia, with its participating interest of 30%. The first commitment well (Dana-1X) was spudded in October 2005 and the final test was made with the main flow rate of 3,300 BOPD and 1.55 MMSCFPD at the choke size of 40/64". Currently, the parties are evaluating the potential of the block and designing the succeeding exploration and appraisal program.

The above successful results have remarked the important step of PIDC in implementing the overseas exploration and production strategy of PetroVietnam, and enhanced PIDC's exploration and production activities not only in Algeria, Malaysia but also other countries worldwide.

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