ConocoPhillips Announces First Oil From SuTu Den Field Offshore Vietnam.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--Nov. 17, 2003 ConocoPhillips (NYSE NYSE See: New York Stock Exchange :COP), an owner of the Cuu Long Cửu Long (literally "nine dragons"; Hán Tự: ) was a province on the Mekong Delta in southern Vietnam. It was created in 1976 from the merger of Vinh Long Province and Vinh Binh Province. In 1992 Cuu Long was re-split into Vinh Long and Tra Vinh provinces. Joint Operating Company operating company A business that engages in transactions with outsiders. (CLJOC), today announced first production from the SuTu Den (Black Lion Black Lion was an anti-fascist resistance movement in Ethiopia during the Italian occupation. The movement was founded in western Ethiopia, and included fighters such as the Shoan Ras Abebe Aregay. Dr. ) field located in Block 15-1 offshore Vietnam's east coast. Production began October 29 on budget and ahead of schedule. The initial production rate of approximately 60,000 barrels of oil per day (BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot ) of 36-degree API gravity crude oil comes from seven basement formation production wells located in the Phase I area. Oil is being processed and stored in Cuulong M/V M/V Motor Vehicles M/V Motor Vessel M/V Merchant Vessel 9, a new floating production, storage and offloading vessel. The Cuulong M/V 9, which has a one million-barrel storage capacity, can initially process 65,000 BOPD and is expandable. Initial production from the Phase I area of SuTu Den field will be from the basement formation, with lower miocene production to be added in coming years. CLJOC plans to drill additional development and appraisal wells in the SuTu Den and SuTu Vang (Golden Lion) fields in 2004. In addition, CLJOC has conducted a 3-D seismic survey over 400 square kilometers of the SuTu Trang (White Lion) area, located in the southeast corner of block 15-1. Drilling of the SuTu Trang prospect has been completed. Initial results are positive. SuTu Den was discovered in October 2000 as a result of the first wildcat well (15-1-SD-1X) drilled in Block 15-1. Following that discovery, CLJOC discovered the SuTu Vang field with the second wildcat well (15-1-SV-1X) in 2001. SuTu Den lies approximately 145 kilometers east of Vung Tau at a water depth of 52 meters. Owners of CLJOC are: ConocoPhillips, 23.25 percent; PetroVietnam Exploration and Production (a subsidiary of PetroVietnam), 50 percent; Korean National Oil Corporation, 14.25 percent; SK Corp., 9 percent; and Geopetrol, 3.5 percent. ConocoPhillips is an integrated petroleum company with interests around the world. Headquartered in Houston, the company had approximately 54,800 employees, $82 billion of assets, and $106 billion of annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues as of Sept. 30, 2003. For more information, go to www.conocophillips.com. |
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