ConocoPhillips has said crude output from its Vietnam offshore block 15.1 would nearly double to 140,000 barrels a day by 2007 when the Su Tu Vang (Golden Lion) field augments existing output. Su Tu Den (Black Lion), its existing field on the block, ranks as Vietnam's second largest producing field after Bach Ho (White Tiger), with output averaging 85,000 bpd, the company said today.
ConocoPhillips, which has a 23.25% stake in the block, also said it planned to drill an appraisal well in the Su Tu Trang (White Lion) field, with potential reserves forecast at 220 million barrels and 170 billion cubic metres of natural gas. The three Lion fields, located in block 15.1 offshore Vietnam, have been touted as the Golden Triangle by the country's oil sector.
Partners in the block, including state oil Petrovietnam and Korea National Oil Corp (KNOC), have said they aimed to invest a combined $300 million to develop the Su Tu Vang field with first oil expected in late 2006.
Petrovietnam has a 50% stake in the Su Tu Trang field with other stakeholders including state-owned Korea National Oil Corp with 14.25%, South Korea's biggest oil refiner SK Corp 9% and Geopetrol SA of France with 3.5%.
