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Vietnam

Perenco owns three subsidiaries in Vietnam. The subsidiaries hold a 23.25% participating interest in Block 15-1, a 36% participating interest in Block 15-2 and a 16.33% participating interest in the Nam Con Son Pipeline.

Those stakes were previously owned by ConocoPhillips. Gross production is circa 62 000 bopd.

Located 160 miles offshore southeast of Ho-Chi-Minh City, Block 15-1 is in the Cuu Long Basin. Production from Su Tu Den Field began in late 2003. Su Tu Den crude oil is processed and stored in the one million barrel Thai Binh Vietnam FPSO vessel. Production from Su Tu Trang gas/condensate field started in September 2012. The partnership is now focusing on additional developments in the Basement reservoir: Su Tu Vang North East, with an expected first oil delivery in last quarter 2013, Su Tu Vang South West and Su Tu Nau for production by end of 2014. Su Tu Nau is a significant new development including two platforms and around 12 wells in a first phase, for start-up delivery estimated at 50 000 bopd.

Block 15-2 contains the Rang Dong Field, which is also in the Cuu Long Basin. Rang Dong crude oil is stored in the MV-17 FSO, where it is offloaded to tankers for export. Three producing wells were drilled and completed in 2012, with drilling of another production well started in mid December 2012 and completed in early 2013. The plan in 2013 is to drill and complete another production well, two injectors, and one contingent exploration well. Two key MoUs were concluded in December 2012, which enables the update of the Rang Dong Full Field Development Plan, and the application to extend the license by five years (2020 to 2025).

The Nam Con Son Pipeline is a 740 mmcfd, 244-mile transportation system linking natural gas supplies from the Nam Con Son Basin to markets in southern Vietnam. The infrastructure consists of a 26-inch diameter, 227-mile offshore pipeline segment delivering wet gas to the gas plant located at Dinh Co, Ba Ria-Vung Tau province. The gas is conditioned to meet sales specifications and is redelivered via a 30-inch-diameter, 17-mile onshore pipeline segment to the Phu My gas distribution center. The Nam Con Son Pipeline in 2012 continued to achieve high reliability (above 99.95%). The fourth shipper (Blocks 05-2/05-3) is expected to deliver first gas in the second half of 2013.

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