Thang Long to Develop 2 Fields Offshore Vietnam

The Thang Long Joint Operation Corporation (JOC) signed contracts with a number of partners to develop the Hai Su Trang (White Sealion) field and the Hai Su Den (Black Sealion) field in block 15-2/01 of the Cuu Long basin in Vietnamese waters, in Hanoi on April 22.

The partners include the Maritime Mechanical Service Company, the PetroVietnam Insurance Joint Stock Corporation, Worley Parson-PetroVietnam JSC and PV Drilling.

"Oil discovered in the Hai Su Trang-1X and Hai Su Den-1X fields, 18 months after the company was formed, made Thang Long JOC one of the most successful companies ever to find oil in such a short period of time, said the company's representative," Paul Atkinson.

"JOC will waste no time putting the fields into production, which will help to maintain the country's oil output after 2011, as well as ensuring energy security," he added.

Thang Long JOC also reported that the Hai Su Trang-1X field, which it first discovered in January 2007, is estimated to be able to produce 15,000 barrels of oil a day once it comes fully on line, and the Hai Su Den-1X field, which it first found in October 2007, is expected to yield over 21,000 barrels per day.

Thang Long JOC was formed in 2005 as a joint initiative between the Canadian company Talisman Ltd. which holds a 60 percent share and the PetroVietnam Exploration and Production Company (PVEP), which holds a 40 percent of share.

BBC Monitoring. Copyright BBC.