HANOI, April 24, 2009 (AFP) - Canada's Talisman Energy plans to invest 1.1 billion US dollars for exploration and development of two oil fields off Vietnam, the company said Friday.
The money will fund the drilling of further exploration wells and development of the Hai Su Den (HSD) and Hai Su Trang (HST) fields, a Talisman Vietnam spokesman told AFP without providing further details.
"We are delighted with the discoveries at HSD and HST," the company's chief representative, Michael Horn, said in a speech in Hanoi on Wednesday.
He added that 400 million dollars have already been invested in the project.
Earlier this week, Thang Long Joint Operating Co., in which Talisman Energy holds a 60 percent stake, said the fields will have their first commercial oil flow in September 2011.
PetroVietnam Exploration Production, or PVEP, holds the remaining 40 percent stake in the Thang Long venture.
Hai Su Trang was tested in December 2006 with an oil flow of 15,000 barrels a day, while tests on Hai Su Den in January 2009 showed an oil flow of 21,000 barrels a day, PVEP said.
Vietnam's state-run oil and gas giant, PetroVietnam, signed a contract with Talisman Energy in 2005 to search for oil and gas on the continental shelf off Vung Tau city in southern Vietnam.