Korean companies have discovered large, commercially viable oil reserves off the coast of Vietnam.
The Ministry of Commerce, Industry and Energy said that the oil reserves are located in the Cuu Long Basin, one hundred 80 kilometers southeast of Ho Chi Minh City.
Officials estimate the deposits at about five hundred 70 million barrels ... the largest ever discovered by Korean firms.
Production of oil is set to begin in two-thousand three.
Two Korean firms are participating in the oil exploration project in cooperation with Vietnamese and U.S. firms.
The Korea National Oil Corporation and SK Corporation hold a combined 34 percent stake in the project while U.S. energy exploration company Conoco retains 23 percent.
Officials put the estimated net profits for the Korean companies at about 800 million U.S. dollars.