NORTH SYDNEY, Australia – Talisman Energy aims to finalize a development plan by mid-year for the CRD oil and gas discovery in block 07/03 in the Nam Con Son basin offshore southern Vietnam, according to partner PanPacific Petroleum (PPP).
Current activity includes studies on optimizing the oil development, potential commercialization of the gas resources, and tendering of contracts for the field’s tension leg wellhead platform and FPSO.
The joint venture is currently considering a decision on declaration of CRD commerciality.
Petrovietnam has a back-in option at that point, which, if exercised, would reduce PPP’s interest to 4.25%. Subsequent approval of a development work program and budget remains subject to a final investment decision by the JV partners.
They are also considering applying to retain a portion of the PSC assessed as having remaining exploration potential, primarily for gas.