PETRO VIETNAM'S JOINT VENTURE FULFILS 2004 TARGET
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(VOV) - The Vietnam Oil and Gas Corporation (PetroVietnam) said the Cuu Long joint venture had exploited 1.629 million tonnes of crude oil at the Su Tu Den (Black Lion) oil field by mid-June, fulfilling its schedule for the whole of 2004.
The Cuu Long Joint Operation Company (CLJOC) has since beginning operations in October 2003, in the block 15-1 at the Su Tu Den oil field tapped 2 million tonnes of crude oil.
The CLJOC is a joint venture between the PetroVietnam Exploration and Production Company (PVEP) (50 percent); and ConocoPhillips (23.25 percent) of the US, KNOC (14.25 percent) and SK Corp (9 percent) of the Republic of Korea, and Geopetrol of France (3.5 percent).
PetroVietnam aims to tap 24 million tones of oil per year by 2005 and 30-32 million tones by 2010. The corporation plans to tap 17.5 million tones of crude oil and 5.74 billion cu. m of gas in 2004.
In 2003, it produced 17.62 million tonnes of crude oil and pumped 3.052 billion cu. m of gas, 566 million tonnes of crude oil and 882 mill
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