Does OVL struck any oil in these blocks or they going to start exploration in the blocks?????or is it just talks....
Vietnam
Block 06.1 :
Participating Companies and their Shares :OVL-45%,BP-35% ,PV-20% ,(Operator - British Petroleum (BP))
OVL, British Petroleum (Operator) and PetroVietnam have developed the Lan Tay field in Block 06.1 offshore Vietnam. The field started commercial production of Gas in January, 2003. The project is operated by British Petroleum. OVL’s share of production from the project was 2.249 BCM of gas and 0.038 MMT of condensate during 2010-11 as compared to 1.967 BCM of gas and 0.042 MMT of condensate during 2009-10. OVL’s share of the development expenditure was about USD 244 Million till 31st March, 2011.
Block 127 :
Block 127 is an offshore deepwater Block, located at water depth of more than 400 meters with 9,246 sq km area in Vietnam. The PSC for the Block was signed on 24th May, 2006. OVL holds 100% PI in the Block with Operatorship. OVL has acquired 1,150 sq km 3D seismic data in the Block and the interpretation of the seismic data has been completed. Location for drilling of exploration well was identified and the well was drilled in July 2009 to a depth of 1265 mts. As there was no hydrocarbon presence, the Company has decided to relinquish the block to Petrovietnam. The Company has invested approx USD 68 million till 31st March, 2010.
Block 128 :
Participating Companies and their Shares :OVL- 100%
OVL signed a contract for 100% stake in the project in May, 2006. The project is operated by OVL. OVL had deployed the Rig Hakuryu-V on well B 128-RV-1X on 2nd September 2009 for drilling. However rig could not be anchored despite adding Piggy Back to the existing anchors. The drilling activity was terminated and it is planned that the location would be drilled in 2012 subject to successful field testing of anchors. OVL has invested about USD 46 million till 31st March, 2011