PetroVietnam to Begin Production in New Oil Fields by 2010

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Oct. 22 – PetroVietnam said it will begin commercial oil and gas production from its three new fields between 2010 and 2013.

The three new fields, Su Tu Den Dong Bac, Su Tu Trang and Su Tu Nau, are all located in Block 15.1 and is nearby Su Tu Den, the country’s second largest field. Su Tu Den currently produces an estimated 55,000 barrels of oil daily.

Another nearby oilfield, Su Tu Vang, only began commercial production last week with an initial output of 10,000 bpd.

PetroVietnam has a 50 percent stake in both Su Tu Vang and Su Tu Den oilfields while energy company, ConocoPhillips owns a 23.3 percent stake. Block 15.1 is operated by a group led by ConocoPhillips. Other companies holding shared in the venture include Korea National Oil Co. at 14.2 percent, SK Energy at 9 percent and Geopetrol at 3.5 percent.