Lundin Oil increases Kekwa Field production by 30% - The Saigon Times Daily, April 11
(SGT-HCMC) Lundin Oil AB began a new exploration well on Block PM-3 CAA, offshore Malaysia/Vietnam with Petronas Carigali Sdn Bhd and PetroVietnam Exploration and Production.
In a press release Monday, the Swedish oil company said it also completed a production enhancement program which has increased production rates from the Kekwa Field by 30% to about 18,000 barrels of oil per day. The project included the drilling of two new development wells and the workover of four existing wells. The two new development wells, BK-A8 and BK-A9, tested 5,880 barrels of oil per day and 4,375 barrels of oil per day respectively.
The drilling unit has now been repositioned and is currently drilling the East Bunga Raya-1 exploration well. This well will test a large shallow gas prospect and several deeper oil targets.
Lundin Oil's President, Ian Lundin said, "We are very pleased with the results of this production enhancement program. The cash flow from this increased production level in the present climate of high oil prices will contribute significantly to the funding of the Phase 2 development project." The Phase 2 development project remains on schedule with first production of 250 million cubic feet of gas and 40,000 barrels of oil per day planned for the end of the 3rd quarter in 2003.
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Crude oil exports reach US$15.2 billion
The Saigon Times Daily, April 11
BY THAI THANH
(SGT-HCMC) Vietnam has exported US$15.2 billion worth of crude oil since it shipped the first ton of crude in 1987, industry officials said yesterday.
"PetroVietnam had extracted 100 million tons worth US$15.2 billion by early April 2001, all for export," said Pham Hong Minh, director of the State-owned oil trader Petechim.
Speaking at a function in HCMC to mark the export of the 100 millionth ton of crude, he said the first crude shipment had gone abroad in 1987, one year after it's discovery off the southern coast.
The country exports all its crude oil at the moment as it has no refinery.
The industry has seen strong growth in the past 15 years, with export volume rising from 5.08 million tons in 1986-1990 to more than 30 million in 1991-1995 and 60.5 million in 1996-2000.
Japan was initially a big buyer of local crude. In 1993, it accounted for 80%, but the proportion has dropped to 20-30% as the number of foreign buyers grows.
The new export markets include China, South Korea, Singapore, Indonesia, Australia, Western Europe and North America.
The low concentration of sulfur and nitrogen in local crude is one of its advantage.
Commenting on the quality of Vietnamese crude, Kazuo Takasaka, fuel manager of Tokyo Electric Power Co., said oil companies highly valued crude from the Bach Ho oilfield.
The crude is environmentally friendly because it contains low concentrations of sulfur and nitrogen, he said.
Tokyo Electric wants to continue buying crude from Vietnam to ensure stable fuel supply for power generation in Japan as prices are good and supply is stable, he said.
Joe Hwang, president of Conoco in Vietnam, said the 100 millionth ton of export crude was a great milestone for both the Vietnamese people and oil operators here. The outlook for the local oil and gas industry is good, he said.
Conoco has invested more than US$200 million in the industry and will spend a further US$500 million over the next four or five years on its Vietnam operations, he said.
Vietnam is pumping oil from six fields - Bach Ho, Rong and Dai Hung operated by Vietsovpetro, Rang Dong by Japan-Vietnam Petroleum Co., Ruby by Malaysia's Petronas and Bunga Kekwa by Lundin. |
