With the efforts of the oil and gas workers in general, the workers of Vietsovpetro Joint Venture and the Oil and Gas Exploration and Production Corporation (PVEP) in particular, in the first 4 months of the year, the Vietnam Oil and Gas Group (PVN) had 2 important discoveries at well R79, Rong field, Block 09-1 and well BA-1X, Bunga Aster field, Block PM3 CAA.
PVN leaders said that oil and gas exploration and production (E&P) activities have always been one of the core areas, contributing greatly to the completion of the goals, plans and development strategies of the Group. PVN. Therefore, since the beginning of the year, PVN has focused on promoting the search, exploration and exploitation of oil and gas along with many technical solutions under the permitted conditions to stop the decline in natural production, as well as ensure the goal of increasing oil and gas reserves and production.
With the efforts of the oil and gas workers in general, Vietsovpetro and PVEP workers in particular, in the first 4 months of the year, the Group had 2 important discoveries at well R79, Rong field, Block 09-1 and well BA-1X, Bunga Aster field, Block PM3 CAA.
At well R79, the operator Vietsovpetro has conducted well testing of the basement and has received a spontaneous flow of oil with a flow rate of nearly 6,300 barrels/day. According to the preliminary assessment results, the expected increase in in-place oil and gas potential is about 16.5 million barrels of oil and the estimated increase in reserves from the R-79 well is about 4.6 million barrels.
At the BA-1X well, the preliminary calculation of in-place oil resources is about 84 million barrels (nearly double the initial forecast), expected to increase the reserves for the entire reservoir to about 20.2 million barrels. Notably, the BA-1X well has been put into operation since May 5, 2024 with an initial production flow of about 2,100 barrels/day.
In the coming time, the operator of Block PM3 CAA will continue to evaluate the Bunga Aster oil discovery to have a more solid assessment of the potential oil reserves of the subject in order to develop and expand, maximize the exploitation of oil resources at the field, contributing to increasing the oil and gas recovery reserves for Block PM3 CAA, bringing economic efficiency to the two host countries Vietnam and Malaysia as well as investors.
The success of the above discoveries at this time opens up important directions in exploration and exploitation, contributing to maintaining the stability and development of PVN; especially the exploration work at the contracted blocks that have been and are being exploited still has opportunities and potential.
By making the most of the existing infrastructure, it can be easily and quickly put into operation, exploiting valuable resources. The BA-1X well was successful and put into operation immediately, similar to the Bunga Lavatera-1 well in 2023, which is also a lesson for contractors in other blocks and mines to learn, change, take advantage of resources, optimize development and exploitation in the shortest time.
These results have contributed to the completion of the plan to increase reserves and production output in 2024 of PVN in general and Vietsovpetro member units in particular. PVEP in particular.
According to Chairman of the Board of Members of PVN Le Manh Hung, in recent years, the E&P sector has faced many difficulties and challenges due to the decline in natural production and the lack of new discoveries. In this difficult context, the Group has been steadfast, making efforts and synchronously implementing solutions to increase reserves and production output year by year.
With the results achieved from these two new discoveries, the Group, units, operators, officers and engineers in the E&P field have well implemented the action motto of 2024 which is "renewing old motivation, adding new motivation" to develop PVN.
In the coming time, PVN and its units and operators in the E&P sector will continue to optimize new management methods, implement innovations in traditional areas, strive to find new mines, develop and maintain oil and gas production. "Continuing to have new discoveries will create more development momentum for the E&P sector to maintain the goals of 2024 and the following years, creating conditions for development in accordance with the Group's strategy, making important contributions to ensuring energy security and developing the country's economy" - Mr. Le Manh Hung affirmed.
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