Business | Oil & Gas
Vietnam gas discovery estimated at 6tr cubic feet
Chevron Corp. has found at least six trillion cubic feet of natural gas in the Malay Basin offshore southwest Vietnam, it said yesterday.
- AP
- Published: 00:17 March 27, 2008
Bangkok: Chevron Corp. has found at least six trillion cubic feet of natural gas in the Malay Basin offshore southwest Vietnam, it said yesterday.
The company said in a statement that a three-month drilling programme ended in March confirmed a greater potential than first believed.
"This latest drilling could add up to one trillion cubic feet of additional gas resources," said Nicole Hodgson, external relations adviser for Chevron Asia South, in a separate e-mail. Earlier estimates had put Chevron's find at five trillion cubic feet.
Chevron Vietnam operates several exploration blocks in the Malay Basin on behalf of partners PetroVietnam Exploration and Production Co., Japan's Mitsui Oil Exploration Co. Ltd, and Thailand's PTT Exploration and Production PCL.
The timing of first production is contingent on further commercial negotiations with PetroVietnam, Chevron said. Maximum production of about 500 million cubic feet of gas a day is projected within five years of start-up, it said. That would be worth about $5 million a day at current prices for natural gas futures.
"We are all working hard to finalise commercial arrangements with PetroVietnam to move this important project quickly into the next phase," said Hank Tomlinson, Vietnam country manager for Chevron.
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