SOCO International kicks off Vietnam production early
Oil and gas exploration and production company SOCO International (LON:SIA) has kicked off production at the second Te Giac Trang platform offshore Vietnam over a month ahead of schedule.
The FTSE 250 firm added that the H4 Wellhead Platform (WHP-H4) in the Cuu Long Basin flowed first crude oil and gas on Friday, almost a year earlier than the original approved development plan.
“First oil from the second platform at the TGT Field in Vietnam marks a key milestone for the company,” said SOCO president and chief executive Ed Story.
“We set an ambitious delivery target and it is a credit to all involved that this has been achieved ahead of schedule.”
The field’s production is currently around 42,000 barrels of oil per day, which will go up to 55,000 bopd, the company said.
The block is operated by the Hoang Long Joint Operating Company on behalf of SOCO, which has a 30.5 per cent stake, along with 41 per cent owners PetroVietnam Exploration & Production Corporation, and PTT Exploration and Production (28.5 per cent).
“We now look forward to working with our partners to maximise the recovery and performance of the field,” Story added.
“The success and knowledge we have gained thus far from the TGT Field will enable us to drive further shareholder value in Vietnam and the wider region.”
In other good news, the PetroVietnam Drilling Services Corporation rig, PVD-II, has arrived on location at the H1 Wellhead Platform and has started drilling the conductor sections of a four-well, infield development drilling programme.
As well as its interests in South East Asian country, SOCO is focused on the Republic of Congo, which neighbours the Democratic Republic of Congo and Angola.
Shares crept up 4.4 pence or 1.3 per cent to 336 pence.
Category: ResourceAsia
