S.Korea confirms oil, gas reserves in Vietnam field
SEOUL - Vietnam's Su Tu Trang oil and gas field holds 300 million barrels of oil reserves, much more than initially estimated, and 3 trillion to 4 trillion cubic feet of natural gas, the South Korean government said on Tuesday.
State-run Korea National Oil Corp. (KNOC) and the country's biggest refiner, SK Corp. , have a combined 23.25 percent stake in Vietnam's 15-1 block, where Su Tu Trang is located.
Petrovietnam holds a 50 percent stake in the block, U.S. oil major ConocoPhillips 23.25 percent and France's Geopetrol 3.5 percent.
It is the first time the gas reserves had been confirmed in the 15-1 block, the South Korean energy ministry said. Officials had earlier estimated oil reserves at around 220 million barrels.
The ministry said production at the Su Tu Trang field is expected to start from 2011. Vietnamese officials had earlier said production would start from 2008.
South Korea joined the project to develop 15-1 block in September 1998.
Reuters - February 7, 2006.
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