Cuu Long Basin
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Cuu Long Joint Operating Co. has commenced oil production from the Su Tu Vang (Yellow Lion) field located in Block 15-1 offshore Vietnam, according to a Dow Jones Newswire citing the Thoi Bao Kinh Te newspaper. Su Tu Vang, estimated to be Vietnam's fourth-largest field, is situated in the Cuu Long Area near the Bach Ho, Rang Dong and Ruby Fields and was discovered in 2001. The 'Yellow Lion' field is set to produce 65,000 barrels of crude per day.
Block 15-1 is located in the Cuu Long basin in the South China Sea. In addition to the Su Tu Den discovery, which began production in late 2003, four fields have been discovered in Block 15-1, including the Su Tu Vang discovery: Su Tu Den Northeast, discovered in 2002; Su Tu Trang, discovered in 2003; and Su Tu Nau, discovered in 2005. Following Su Tu Vang's start-up, first production from Su Tu Den Northeast is expected in 2010.
CLJOC, the company that operates Block 15-1, is 50% held by PetroVietnam Exploration and Production. The remainder is owned by ConocoPhillips, 23.25%; Korea National Oil Corp., 14.25%; SK Corp., 9.00%; and Geopetrol SA, 3.50%.