Japanese firms discover gas, oil condensate off southern Vietnam


Oil distributors Idemitsu Kosan Co., JX Holdings Inc. and Inpex Corp. said Thursday they have discovered gas and crude oil condensate in exploration mining blocks 300 km southeast of Ho Chi Minh City, in southern Vietnam.

The three companies found similar accumulations in the blocks last year. They plan to carry out a detailed reservoir evaluation.

Idemitsu Oil & Gas Co., a unit of Idemitsu Kosan, and JX Nippon Oil & Gas Exploration Corp., a unit of JX Holdings, have a 35 percent stake each in the blocks, while Teikoku Oil Co., a unit of Inpex, holds the remaining 30 percent.

In October 2004, the three entered into a production sharing contract with state-run Vietnam Oil and Gas Group, also known as Petrovietnam, and were awarded an investment license by the Vietnamese government.

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