Korea National discovers oil, gas in Vietnam fields

TN News

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South Korea said two groups of companies including one led by state-run Korea National Oil Corp. have found oil and gas at fields off Vietnam.

The discoveries were made in new wells in the fields known as 15-1 and 11- 2, the Ministry of Knowledge Economy said in an e-mailed statement Wednesday. Total reserves at new wells are estimated at as much as 29 million barrels of oil equivalent.

South Korea plans to boost overseas oil and natural gas output by 25 percent in 2010 as Asia's fourth-largest crude importer seeks to secure stable supplies before the global economic recovery drives up prices.

Su Tu Nau well, located in the northern area of 15-1 field, may start output in 2014, according to the ministry. The field, which began producing 90,000 barrels of oil a day in 2003, is jointly operated by Korea National, ConocoPhilips and Vietnam Oil and Gas Group.

Korea National Oil has a 75 percent stake in the 11-2 gas fields. The new well may have 120 billion cubic feet of gas, according to the ministry.

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