Oil and gas company Soco International said the application for two appraisal areas in a block in which it has an interest has been approved by PetroVietnam, Vietnam's state-owned oil company.
The appraisal areas are within Block 16-1 in the Cuu Long Basin, offshore Vietnam. Soco's 80%-owned subsidiary, Soco Vietnam, owns a 28.5% working interest in Block 16-1, while Soco's fully-owned subsidiary OPECO has a 2% interest in the block.
Approval of the application by PetroVietnam is a pre-requisite to formal approval by the Vietnamese government.
“PetroVietnam's agreement for the approval of the Te Giac Den appraisal area in the HTHP play area is a very significant development for SOCO in that it affords us the opportunity to incorporate our previous drilling results with re-processed seismic and to plan an effective drilling programme to return to this highly prospective area,” said Soco's president and chief executive, Ed Story.
“In fact, the HPHT area has the potential to overshadow the already considerable success we have had in Viet Nam to date,” Story added. (SHARECAST)
Friday, February 20, 2009
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