Project Profile
Value: Undisclosed
Location: Vietnam
Area: 8,469 sq km
Water Depth: 50 to 1,100 metres
Block 120 is regarded by Neon as highly prospective for large accumulations of oil. The Block 120 Contract Area covers an area of 8,469 square kilometres in water depths of 50m to 1,100m. Eni operates the block with a 50% stake with partners KrisEnergy and Neon Energy each on 25%. Over the most prospective parts of the basin sediment thickness is up to 6,500m and water depths are in the range 50m to 500m. The block overlies an approximately northsouth trend of Tertiary aged sedimentary basins that comprises the Quang Ngai Graben in the north and central parts which passes into the Phu Khanh Basin in the south. The area was previously explored by BHP Petroleum Limited who acquired an extensive 2D seismic survey in 1991 and drilled one well in 1993. The well targeted a Miocene reef complex and encountered a 32 metre section of oil shows (including a 6 metre oil column), demonstrating the presence of an active petroleum system.
Operator:
ENI: Operator with 66.67% interest
KrisEnergy: 33.33% interest
Contractors:
Songa offshore: Drilling contract using the submersible Songa Mercur in a water depth of about 270 metres to test oil and gas potential at the Ca Ngu prospect in Block 120.
CGG: Contract to use the Amadeus vessel for a 570 sq km 3D seismic acquisition program in the Block 120 exploration acreage offshore central Vietnam. The survey, which is expected to take 23 days, is designed to image the carbonate and basement sections of the Ca Lang Prospect and associated leads on the Tri Ton Horst. It will tie into a 502 sq km 3D seismic dataset, which was acquired in 2012.