REFILE-UPDATE 1-Vietnam Golden Tuna oilfield set to start H2 '08

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SINGAPORE, Feb 28 (Reuters) - Vietnam's Ca Ngu Vang (Golden Tuna) oilfield is set to come onstream in second-half 2008, with a capacity of around 20,000 barrels per day (bpd), an official with PTT Exploration and Production (PTTEP) said on Thursday.

Thailand's PTTEP (PTTE.BK) holds a 25 percent stake in offshore block 9-2, the site of Ca Ngu Vang, one of three oilfields planned to come onstream in Asia's sixth-largest oil producer this year.

"We target first oil in second-half 2008," Somporn Vongvuthipornchai, vice-president, international assets for PTTEP told the 13th Asia Upstream conference.

The Hoang Vu Joint Operating company operates the field in a joint venture between PTTEP, UK's Soco International (SIA.L), which has a 25 percent stake, and state oil company Petrovietnam with a 50 percent interest.

Block 9-2 is located in Vietnam's prolific Cuu Long basin. Golden Tuna could be the second Vietnamese oilfield to come onstream this year if the Song Doc field, in block 46/02, comes online as planned in May at a rate of around 25,000 bpd.

Canada's Talisman Energy Inc (TLM.TO) and Malaysia's Petronas [PETR.UL] have a 30 percent interest each in the Song Doc oilfield, with state-run Petrovietnam holding the remaining 40 percent.

The third will be the major 100,000-bpd Su Tu Vang oilfield, which is expected to come onstream in third-quarter 2008.

The Coo Long Joint Operating Company, which operates Su Tu Vang, comprises PetroVietnam, which holds 50 percent, while other stakeholders include U.S. independent ConocoPhillips (COP.N) as well as South Korea's SK Energy (096770.KS) and Korea National Oil Co (KNOC).

The series of new oil will help Vietnam maintain steady output at around 320,000 bpd this year, as they will compensate for declines at existing fields, or if new ones are delayed.

Vietnam's flagship Bach Ho field, or White Tiger, is expected to see output declining by an average of 21,000 bpd annually until 2014 when its production may stop, the field's operator Sovietpetro has said.

Bach Ho's output target for 2007 was 173,000 bpd.

It was unclear if the target had been met, but a source close to crude sale discussions said this week that Vietnam would sell 140,000-150,000 bpd of Bach Ho under term contracts for the second and third quarters, down from up to 170,000 bpd in the same period last year [ID:nSP251045]. (Reporting by Maryelle Demongeot; Editing by Ramthan Hussain)