Total reports new oil discovery off Vietnam

French oil giant Total today said that it had discovered oil on an offshore block contracted to it in Vietnam.

The oil giant said that its subsidiary, Total E&P Vietnam, and its partners had discovered oil at a depth of 45 metres in Block 15-1/05, in the Lac Da Nau prospect, located in the southern part of the block in the Vietnamese offshore.

It said, "15-01/05 LDN-1X exploration well is the first well drilled and the first discovery made on Block 15-01/05."

The well is located approximately 110 kilometers to the East of Vung Tau, about 65 kilometers off the coast, and was drilled in a water depth of 45 meters.

The well produced 4,200 barrels per day of 44 API° oil during tests performed in the basement, Total said.

Phu Quy Petroleum Operating Exploration and Production Company Limited, a subsidiary of Petrovietnam Exploration and Production Corporation, is the Operator of Block 15-1/05 with a 40-per cent stake. The other partners on Block 15-1/05 are Total E&P Vietnam (35 per cent) and SK Energy (25 per cent).

In addition to its 35 per cent participation in Block 15-1/05, Total signed in March 2009 a production sharing contract with Petrovietnam for Blocks DBSCL-02 and DBSCL-03.