Idemitsu to start drilling off Vietnam this month

Eric Watkins
Senior Correspondent

LOS ANGELES, Jan. 10 -- Idemitsu Oil & Gas Co. Ltd., Tokyo, plans to begin exploratory drilling operations this month in Block 05-1(b) and 05-1(c) off Vietnam, 300 km southeast of Ho Chi Minh City.

Operator Idemitsu holds a 35% stake in the venture, along with partners Nippon Oil Corp. 35% and Teikoku Oil Co. 30%. The group signed a production-sharing contract with Petrovietnam on Oct. 28, 2004.

A 3D seismic survey covering 598 sq km and a 2D seismic survey covering 211 km were acquired in 2005, but plans to begin drilling in 2006 were delayed by a worldwide shortage of rigs.

Contact Eric Watkins at hippalus@yahoo.com.

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