Friday, January 04, 2008

Zarubezhneft-led group finds oil offshore Vietnam

HANOI: VRJ Petroleum Co, 50 per cent owned by Russia's state oil firm Zarubezhneft, has discovered oil at a field off Vietnam's southern coast, state media reported on Friday.

The oil field, called Nam Rong Doi Moi, is located 135 km (84 miles) southeast of the oil hub province of Ba Ria-Vung Tau, the Vietnam News daily reported.

Tests showed an oil flow of 4,150 barrels of oil per day, the English-language newspaper said.

State oil Petrovietnam owns a 35 per cent stake in the venture and Japanese oil refiner Idemitsu Kosan Co Ltd has 15 per cent.