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Vietnam firms plans production from three oilfields


October 22, 2008

Vietnam firms plans production from three oilfields
Petrovietnam’s production arm PVEP said it planned to start commercial oil and gas production from three new fields near the country's second largest field Su Tu Den in the next five years, reported Reuters.

The three fields, Su Tu Den Dong Bac, Su Tu Trang and Su Tu Nau, were expected to come on stream from 2010 to 2013, PVEP said in a report seen on Tuesday.

It did not provide details of potential reserves but said the fields were located in the same oil block -- 15.1 -- as the existing Su Tu Den (Black Lion), which now churns out about 55,000 barrels per day (bpd).

PVEP also said an adjacent oilfield in the same block, the Su Tu Vang, began commercial production last week. Its initial output was recorded at 10,000 bpd, Petrovietnam officials have said.

Block 15.1 is operated by a group led by ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz). Petrovietnam holds a 50 percent stake in both Su Tu Vang and Su Tu Den. Conoco holds 23.3 percent.

Other stakeholders include Korea National Oil Co with a 14.2 percent stake, SK Energy (096770.KS: Quote, Profile, Research, Stock Buzz) with a 9 percent stake and France's Geopetrol with 3.5 percent.

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