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PetroVietnam reveals new oil discoveries with preliminary reserves of 100.5 mln barrels

Affiliates of Vietnam's state oil company PetroVietnam have actually made two new oil findings with combined initial reserves of 100.5 million barrels of crude oil, its exploration and production arm PVEP stated on Tuesday.

The discoveries are vital for the oil market of Vietnam, which has actually been having a hard time to raise its petroleum output due to shrinking proven reserves, amidst increasing fuel demand.

Drilling at the R79 well in the Rong Field in the Block 09-1 off southeast Vietnam found preliminary reserves of 16.5 million barrels of petroleum, PVEP said in a statement.

The field is operated by Vietsovpetro, a Vietnam-Russia joint endeavor.

The other finding was at BA-1X well at Bock PM3 CAA off southern Vietnam, with initial reserves of 84 million barrels, said PVEP, which holds a 30% stake in the block. Production at BA-1X began on May 5 at 2,100 barrels daily.

Vietnam's crude oil output in the very first 4 months of this year fell 3.6% from a year previously to 2.78 million metric heaps, according to federal government data.

(source: Reuters)