Govt Okays over US$713 Mln to Produce Oil from Su Tu Den Field
Vietnamese government October 8 approved an investment capital of US$713 .76 million to produce oil from the Su Tu Den (Black Lion) oilfield in block 15-1, offshore southern Vietnam, local media reported.
Of the total, US$247.41 million is planned for equipment purchase and the rest of US$466.35 million for drilling.
The project will build a four-foot, 12-well oilrig and install equipment and a pipeline in the targeted area.
The government assigned the state-owned oil monopoly PetroVietnam to choose contractors to carry out the project before December 2009, in the northeastern part of the oilfield, located in Cuu Long Basin, offshore Ba Ria-Vung Tau province.
Su Tu Den oilfield, the third largest of its kind in Vietnam, expects to tap 26.4 million barrels this year, accounting for nearly 21 per cent of Vietnam’s estimated crude oil output.
The field, being operated by Cuu Long Joint Operating Company, produced 73.3 million barrels, generating US$3.5 billion revenues, since beginning operation in 2003. (Youth, VietNamNet, Vietstock)
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