Conoco has oil find off Viet Nam, field extension off Indonesia

Oct. 22, 2001
Conoco Inc. has an oil discovery off Vietnam and a field extension off Indonesia, both near structures recently declared commercial or under development.

HOUSTON, Oct. 22 -- Conoco Inc. said Monday it has an oil discovery off Vietnam and a field extension off Indonesia, both near structures recently declared commercial or under development.

The company said the combined future gross reserves resulting from the discovery and field extension will be 130-440 million boe, with 33-103 million boe net to Conoco.

The Sutu Vang (Golden Lion) discovery on Block 15-1 is in the shallow waters of Viet Nam's Cuu Long basin 120 miles southeast of Ho Chi Minh City. The Sutu Vang 1X well tested a stabilized rate of 11,388 b/d of 37�-gravity oil through a 48/64 in. choke.

Conoco said Sutu Vang's gross future production could be 100-400 million bbl, with 24-95 million net to Conoco.

The discovery is 4 miles southwest of Sutu Den (Black Lion), Block 15-1's original discovery made last year, and believed to be one of the largest oil finds to date in Southeast Asia. Both discoveries produce from fractured basement.

Conoco and its partners declared Sutu Den commercial in August, with estimated future gross production of at least 200 million bbl and potential to exceed 400 million. A third prospect in the block, Sutu Trang (White Lion), is to be drilled in 2002.

Conoco holds a 23.25% interest in Block 15-1, which is operated by the Cuu Long Joint Operating Co. Partners are PetroVietnam with 50%; Korean National Oil Corp., 14.25%; SK Corp., 9%; and Geopetrol, 3.5%.

Indonesian extension
Off Indonesia in the South Natuna Sea Block B's Kerisi field, operator Conoco Indonesia Inc. Ltd. said the Kerisi-3 flowed 2,580 b/d of oil and encountered 130 ft of oil bearing zones in multiple reservoirs. The results confirmed the existence of an oil leg, down dip from two successfully tested gas wells.

The Kerisi-3 well increases potential gross recoverable oil in Kerisi field by 30 million bbl to 42 million, with about 10 million net to Conoco. The field's estimated gross recoverable gas is 90 bcf, with 32 bcf net to Conoco.

Kerisi field is 15 miles north of Block B's Belanak field, which has gross recoverable reserves estimated at 530 bcf and close to 100 million bbl of oil, condensate, and LPG. The company expects to develop Kerisi on a fast track and produce it through the Belanak infrastructure, currently under development.

Once completed, the Belanak infrastructure will be a central production, gathering, and processing hub for at least six surrounding Block B fields, including Kerisi. Conoco estimates more than 1.4 tcf of gas and 150 million bbl of oil, condensate, and LPG will be produced from satellite field developments through the Belanak floating production, storage, and off-take unit.

The South Natuna Sea Block B is operated under a production-sharing contract with Pertamina. Conoco is operator with a 40% interest. Inpex Masela Ltd. has 35%, and ChevronTexaco Corp., 25%.