Tuesday, January 08, 2008

Vietnam new field to produce first oil by 2010

Mon Jan 7, 2008 9:55pm EST

HANOI, Jan 8 (Reuters) - Vietnam's newly discovered Nam Rong-Doi Moi oilfield is expected to produce about 15,000 barrels of oil per day by 2010, a Petrovietnam official said on Tuesday.

"The crude specification is not available yet but we suspect it is of the heavier type," the official said.

Tests showed an oil flow of 4,150 barrels per day, the field operator, VRJ Petroleum Co, which is 50-percent owned by Russian state oil firm Zarubezhneft, said in a statement on Tuesday.

The oil field is located 135 km (84 miles) southeast of Vietnam's oil hub province of Ba Ria-Vung Tau.

State oil Petrovietnam group owns a 35 percent stake in the venture and Idemitsu Cuu Long Petroleum Co Ltd, an unit of Japanese oil refiner Idemitsu Kosan Co Ltd (5019.T: Quote, Profile, Research) has 15 percent. (Reporting by Nguyen Nhat Lam; Editing by Valerie Lee)