South Korea's state-run Korea National Oil Corp. commenced commercial production Friday at its latest gas field in southern Vietnam, the government said.
Earlier in the day, the company held a ceremony in Hanoi to mark the start of its gas production at the Rong Doi oil field 280 kilometers off the coast of the Vung Tau region of the Southeast Asian country, the Ministry of Commerce, Industry and Energy said.
South Korea has solely explored the oil field, which is estimated to have reserves of 19 million tons of natural gas and 23 million tons of oil, since it was discovered in 1992.
It will provide power to a nearby Vietnamese industrial complex, and net earnings from it are expected to reach US$10.8 billion during the next 23 years of production.
"South Korea's ratio of independent gas exploration, which currently stands at 5.8 percent, is expected to climb up to 9.3 percent in 2010 from the latest business commencing in Vietnam," an official at the ministry said.
Besides the Rong Doi field, KNOC runs another oil field together with a consortium, which includes South Korean energy company SK Corp., also in waters off the country's southern coast.
Seoul, Nov. 17 (Yonhap News)
S. Korea begins gas production in Vietnamese oil filed |
