Zarubezhneft leaves Vietnam project. (Russia & CIS).(Brief Article)

Russian state-owned overseas oil projects firm Zarubezhneft has pulled out of development of the Dai Hung field (block 05-1a) off south Vietnam because of insufficient reserves. Zarubezhneft estimates the recoverable reserves of the block at 5.6mn t (41mn bl), but difficult geology makes development commercially unattractive. The development of Dai Hung, discovered in 1988, was started in 1993 by a consortium uniting state-owned Petro Vietnam, Zarubezhneft, Total, Malasyia's Petronas, Japanese firm Sumitomo and Australia's BHP Billiton as operator. The consortium continued exploration and began …