Austrian-based oil firm OMV AG this week announced it had completed a well in a previously unexplored area in offshore Vietnam and preparations are currently underway to test the structure.
The exploration well, which is located in Block 111 in the Gulf of Tonkin, spudded on 20 December and was drilled to a depth of 2,848 metres in water depth of 94m.
OMV owns 50 percent of Block 111 with Italian outfit Edison SpA holding the remainder. The companies signed the production sharing contract with Vietnamese authorities in September 2000.
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