Vietnam oil field to open in fall

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Vietnam oil field to open in fall

Korea will become an oil producer late this year. A mining area in Vietnam, which has been co-developed by Korea, will begin to produce crude oil. The Ministry of Planning and Budget said yesterday Vietnam's 15-1 mining area will produce 65,000 barrels in crude oil per day, beginning in November. Korea will take the 23.3-percent share in the output. A consortium of the Korea National Oil Corp., the SK Corp. and several Vietnamese firms began to develop the mining area, estimated to have 590 million barrels of oil, in August 2001. According to the ministry, Korea is also developing a gas field on the floor of the East Sea, in order to begin the first-ever domestic production of natural gas in November.

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