ConocoPhillips and its partners in the Cuu Long Joint Operating Company (CLJOC) said they have discovered oil and gas reserves in well 15-1-ST-1X in the SuTu Trang (White Lion) field in Block 15-1 offshore Vietnam.

The ST-1X drill reached a total depth of 4,428 meters, encountering significant pay in multiple tertiary zones. Three zones tested at a combined rate of 8,682 barrels of oil per day (b/d) and 69.6 million cubic feet of natural gas per day. The crude oil API gravity ranged from 38 to 55 degrees.

Located in the Cuu Long Basin, 135 km east of Ho Chi Minh City, SuTu Trang is in the southeast corner of Block 15-1 in 56 meters of water, said a ConocoPhillips statement. SuTu Trang is located 26 km south of the SuTu Den (Black Lion) field. Technical evaluation to assess the reservoir potential of SuTu Trang is in progress.

On October 29, CLJOC started producing 60,000 b/d of crude oil from the SuTu Den field. The oil has an API gravity of 36 degrees.

ConocoPhillips owns interests in six blocks offshore Vietnam, with a total acreage position of nearly 6 million gross acres. Its portfolio includes offshore acreage in Blocks 15-2, 16-2, 5-3, 133 and 134, as well as an interest in the Nam Con Son gas pipeline.

The partners in CLJOC include ConocoPhillips (23.25%), PetroVietnam Exploration and Production (a subsidiary of PetroVietnam, 50%), Korean National Oil Corporation (14.25%), SK Corp. (9%) and Geopetrol (3.5%).

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 annualised revenues as of Sept. 30, 2003.