Vietnam oil and gas group PetroVietnam's exploration arm, PetroVietnam Exploration Production Corporation (PVEP), has discovered a natural gas field in the Red River basin.
The discovery is located about 100km off Vietnam's northern coastline. Tests at the Hac Long field confirmed gas flow of about 400,000 cubic meters per day.
Hac Long, or Black Dragon, is part of the 103-107 gas block.
The field is expected to contain up to 50bn cubic metres of natural gas and 45m barrels of condensate.
Petroliam Nasional Berhad (Petronas) has a 45% stake in the $57.7m joint venture with PVEP to develop the block.
By staff writer.