New oil and gas well gives promising signals

The Hoang Long Joint Operating Company (JOC) concluded the testing of the third seam of its second well in the Te Giac Trang (White Rhino) area on March 10, saying the site is calculated to give more than 3,000 barrels of oil a day.

The well, drilled in the White Rhino’s area offshore southeast Vietnam, shows positive sign of enormous reserves of oil and natural gas. It is projected to turn out 3,300 barrels of oil and 25,000 cu.m of natural gas per day.

PetroVietnam’s Exploration and Production Company is the largest shareholder of the JOC with 41-percent stock, while the Hoang Long company holds 28.5% and the rest is held by UK-based SOCO International and the Offshore Production and Exploration Company (OPECO) of the United States.

VietNamNet