Vietnam's Su Tu Trang has 220 mln bbls oil reserve
HANOI - Test drills in Vietnam's new oil discovery, the Su Tu Trang (White Lion) field, showed a recoverable crude reserve of at least 220 million barrels, state media said on Tuesday.
The Quan Doi Nhan Dan (People's Army) quoted state oil monopoly and the field's biggest stakeholder Petrovietnam as saying preliminary results from exploratory wells indicated the field could hold at least 30 million tonnes of extractable crude oil.
U.S. major oil company ConocoPhillips , which has a 23.25 percent interest in Su Tu Trang, has said commercial production at the field is planned for 2008.
Su Tu Trang is in Block 15.1 in the Cuu Long Basin, adjacent to the Su Tu Den (Black Lion) oilfield, which has reserves of around 400 million barrels and produced its first oil in late October last year.
Petrovietnam had previously said that Su Tu Trang could hold more than 170 billion cubic metres of "wet gas" reserves. Wet gas is gas produced in association with condensate, has high methane and low ethane content. Petrovietnam holds a 50 percent stake in the Su Tu Trang field. The rest is held by state-owned Korea National Oil Corp with 14.25 percent, South Korea's biggest oil refiner SK Corp with nine percent and Geopetrol SA of France with 3.5 percent.
Reuters - February 17, 2004
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