Russian company recently farmed into the Tuna block that is being appraised offshore Indonesia, and is operated by Premier Oil, now a Harbour Company. It is also in the process of buying assets from compatriot Rosneft offshore Vietnam. The completion of a 50% farm-in to the Tuna block last month forms part of Zarubezhneft’s strategy to create a new upstream development cluster bringing together the company’s existing Block 12/11 in Vietnam, as well as Block 11-12 in Vietnam – where Korea National Oil Company (KNOC) has a 75% stake and PetroVietnam has a 25% share – and the Tuna discover. One upstream cluster has been formed in Southeast Asia linked to Vietsovpetro. Vietsovpetro is a joint Russian-Vietnamese enterprise for oil and gas developments between Zarubezhneft and state-backed PetroVietnam in Vietnam.
The Tuna discovery, operated by Premier Oil with a 50% share, is Zarubezhneft’s only asset in Indonesia. Two successful exploration wells have been drilled at Tuna, which has estimated reserves of 100 million barrels of oil equivalent and lies close to the maritime border with Vietnam. Further appraisal drilling is expected over the coming months to confirm the size of the resource. As part of its farm-in deal, the Russian company will carry Premier Oil for its share of the two-well campaign. Rosneft has a 35% operating stake in offshore Vietnam Block 06.1 with India’s ONGC Videsh holding a 45% share and PetroVietnam on the remaining 10% interest. The block holds three gas and condensate discoveries – Lan Tay, Phong Lan Dai and Lan Do – in water depths up to 190 metres in the Nam Con Son basin. Rosneft also has rights to explore and develop Block 05.3/11, which sits near Block 06.1. Rosneft also has a 33% interest in the Nam Con Son pipeline that ships gas from Block 06.01 and other producing fields nearby to shore. Petrovietnam holds a 51% share in the pipeline along with France’s Perenco with a 16% share.