Korea National Oil Corp (KNOC) aimed to invest with its partners a combined $300 million to develop Vietnam’s offshore Su Tu Vang oilfield, slated for production in 2006, a company official said.

The investment was planned after the Su Tu Vang (Golden Lion) field, located 7 km (4.4 miles) south of Vietnam’s second-biggest producing field, Su Tu Den (Black Lion), was found to be commercially viable, the official said.
The South Korean state-run oil company is a 14.25 per cent partner in the Cuu Long Joint Operation Co (CLJOC), which operates Block 15.1 comprising three main oilfields - Su Tu Den, Su Tu Vang and Su Tu Trang (White Lion).
Data on crude reserves in the Su Tu Vang oilfield are not immediately available.
The three fields in block 15.1 have been touted as the Golden Triangle by Vietnam’s oil sector. Output from Su Tu Den stands at around 85,000 barrels per day (bpd).
Apart from KNOC, state oil firm Petrovietnam owns half of CLJOC, U.S. oil major ConocoPhillips has a 23.25 per cent stake, South Korea’s biggest oil refiner SK Corp  holds 9 percent and Geopetrol 3.5 per cent.
Despite being Asia’s sixth-largest crude producer, Vietnam still has to import most of its oil products as it lacks major refineries.