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June 30, 2008

Korean firm takes 20% stake in Vietnam oil field
South Korea's SK Energy on Monday secured a 20 percent stake in an oil field in Vietnam currently under exploration, reported Reuters.

"We secured the stake in late May, but since the oil field is in the very initial stages of exploration, we don't have any details on estimated or proven reserves," the agency quoted SK Energy's spokeswoman as saying.

Australia's Santos Ltd owns the majority 50 percent stake in the 123 oil field on the east coast of Vietnam, and the remaining 30 percent is owned by state-run Petrovietnam, SK Energy said.

SK Energy is the country's top refiner with a capacity of running 1.115 million barrels per day (bpd) of crude.

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