Russian oil company Zarubezhneft has informed that Vietsovpetro, its joint venture company with PetroVietnam, successfully continues the exploration of the Ca Tam field offshore Vietnam.
Ca Tam field, also known as Sturgeon field, was discovered in 2014 during the test of the 2-X exploration well.
According to Zarubezhneft’s statement on Thursday, during the tests of the first exploration object well CT-4X , Block 09 / 3-12, a water-free flow of oil, with a production rate of 650 m3/day was achieved from the Oligocene deposits.
The well has encountered productive sediments at greater depth in comparison to the previous successful exploration well CT-3X, Zarubezhneft said, adding that this indicates a significant increase in the oil saturated net thickness and oil reserves.
“High productiveness and reserve density provide commercial viability of that project, even with the current situation in the oil market. Bringing Ca Tam, a new offshore field in Vietnam, into development is scheduled for late 2017 – early 2018,” Zarubezhneft said.
Block 09/3-12 is located in the South Conson basin, 150 km South-East from Vung Tau, 20 km Easter from Bach Ho field.
Vietsovpetro, a joint venture between Russia’s Zerubezhneft and Vietnam’s Petrovietnam, conducting the drilling, was established in 1981. The two firms last week celebrated the joint venture’s 35th anniversary.