Project Profile
Location: offshore Phu Khanh Basin, Vietnam
Reserves: 40-200 million barrels of oil (Ca Voi prospect)
Area: 6,044 sq. km
Block 121 is located offshore Phu Khan Basin, adjacent to the Vietnam coastline. It is located over the northern portion of the Phu Khanh Basin and includes the southern extension of the Triton Horst.
This is a relatively under-explored but potentially attractive area and has the possibility to contain both oil and gas. The prospectivity of Block 121 has geological similarities to Block 07/03 in the Nam Con Son Basin which contains the Cá Rồng Đỏ (CRD) discovery. The Ca Voi, or Whale, prospect in the block, has been estimated to hold between 40 million and 200 million barrels of oil. A rig has been contracted to drill the large prospect, scheduled for May 2013.
Pan Pacific Petroleum completed the acquisition of a 15% interest in the Block 121 Production Sharing Contract from Origin Energy in March 2013.
Pan Pacific and Premier Oil surrendered the block after the unsuccessful drilling of the Whale Prospect 121-CV-1X and the absence of farm-in partners. (September, 2015)
Operators:
Origin Energy: Operator with 45% interest
Pan Pacific Petroleum: 15% interest
Premier Oil: 40% interest
Contractor:
Diamond Offshore: Drilling using semi-submersible drilling rig Ocean General.