On the 11th December, Bien Dong POC, a branch of the Vietnam Oil and Gas Group (Petrovietnam) and project operator of Blocks No. 05-2 and No. 05-3 on Vietnam’s continental shelf, completed the 2016 natural gas production plan ahead of schedule with production of 2 billion cubic m.
Thus, the production plateau set out in the development plan for the Hai Thach and Moc Tinh fields located within these blocks has thereby been achieved.
Since its start in 2013, the total accumulated production of natural gas at the contract blocks is now in excess of 5.7 billion cubic meters.
Petrovietnam and Gazprom International, Gazprom’s specialized enterprise for prospecting, exploration and development of hydrocarbon fields outside the Russian Federation, are jointly implementing the gas production project at the Hai Thach and Moc Tinh fields.
Blocks 05-2 and 05-3 are situated in the southwest of the South China Sea. Two gas fields, Moc Tinh and Hai Thach, have been discovered within their territories. The development project for these fields is being implemented under production sharing agreements. Gazprom International entered into these agreements in July 2013, on the basis of a share transfer agreement for PSAs, signed with Petrovietnam the previous year. Gazprom International holds a 49% share in the project, while Petrovietnam holds 51%.
The average daily production at the two fields is currently approximately 5 million cubic meters. All gas produced under the project is supplied to the Phu My distribution center through the Nam Con Son-1 gas transport pipeline.