Vietnam Cuu Long JOC Turns on Taps Offshore Vietnam

HANOI (Dow Jones Newswires), Aug. 18, 2010

Vietnam's Cuu Long Joint Operating Co. has announced the first oil flow at its Su Tu Nau 3X field in Block 15.1 in the Cuu Long basin offshore Vietnam, state media said Wednesday.

The natural oil flow at the field is 3,000 barrels a day, the Vietnam News Agency reported citing a company statement.

Cuu Long JOC will drill more to determine the field's crude reserves before deciding to build a rig for commercial production.

Cuu Long JOC is 50% owned by PetroVietnam Exploration and Production, PetroVietnam's main production unit.

The rest is owned by ConocoPhillips (COP) with 23.25%, Korea National Oil Corp. with 14.25%, SK Corp. 9% and Geopetrol SA 3.50%.

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