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PetroVietnam doubling Su Tu Den crude output

30th May 2014

PetroVietnam plans to double production of Su Tu Den crude to 80,000 barrels per day in the fourth quarter of this year, industry sources have told Reuters newsagency

PetroVietnam doubling Su Tu Den crude output
The company has tried to mitigate the Su Tu Den drop this week by introducing a new crude, Thang Long

The South-East Asian nation has seen a steady decline in crude oil output over the past ten years.

To counter this, new wells have been drilled in the offshore Cuu Long Basin at Block 15-1.

The company also tried to mitigate the Su Tu Den drop this week by introducing a new crude, Thang Long, also from the Cuu Basin.

PetroVietnam has been producing Su Tu Den crude from the Cuu Basin since 2003, usually destined for Japanese markets.

The country exported around 2.41 million tonnes, or 147,000 bpd, of crude oil in the first four months of this year, a drop of 11 per cent from a year earlier, according to preliminary government data.

The Su Tu Den development is operated by the Cuu Long Joint Operating Co, with PetroVietnam as main shareholder and Peru's Perenco, Korea National Oil Corp, SK Corp and Geopetrol.

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