Petrovietnam To Invest $208Mn In Appraisal Of Blocks 433a/416b
Vietnam’s state-owned oil company Petrovietnam has received government approval to invest $208mn in the appraisal of Algeria’s onshore Blocks 433a/416b in the Touggourt region. Some $455mn will be invested over the next two years in the blocks where in January the BRS-6bis appraisal well in the Bir Seba structure tested at a maximum flow rate of 5,100 b/d of 44° API crude and 4.8mn cfd of gas (MEES, 16 January). Petrovietnam Investment and Development Corporation (PIDC) was awarded the 6,472 sq km area during Algeria’s third licensing round in 2002 (MEES, 8 July 2002) and farmed out 35% stakes in both blocks to Thailand’s PTT Exploration and Production in 2004 (MEES, 12 April 2004). Petrovietnam is operator with 40% and Sonatrach holds 25%. In February of this year PIDC said development and commercialization of the blocks would entail an investment of $3bn (MEES, 20 February). The blocks hold estimated reserves of 2bn barrels. PIDC has put a target of 2009 to bring the blocks on-stream.
