HANOI: Vietnam-focused UK oil producer SOCO International commenced first oil production from the H5 wellhead platform (H5-WHP) of the Te Giac Trang (TGT) field, following perforation of the first of the H5 development wells.
The start of production has been achieved more than a month ahead of schedule, SOCO said, and the H5 development was completed with zero lost time accidents.
Discovered in 2005, H5-WHP is TGT’s third platform to be brought on production. The first platform, H1-WHP, came on stream in August 2011, followed by the H4-WHP in July 2012.
H5-WHP is located in the south of the TGT field in block 16-1 in the Cuu Long Basin, off the southern coast of Vietnam, approximately 100km from Vung Tau, 20km northwest of the Bach Ho field and 35km west of the Rang Dong field.
Crude oil from TGT is transported via subsea pipeline to an FPSO where it is processed, stored and exported by tankers to regional oil refineries. Gas produced from the field is transported by pipeline to the nearby Bach Ho facilities for processing and onward transportation to shore by pipeline to supply the Vietnamese domestic market, said SOCO in a statement.
Block 16-1, where TGT is located, is operated by the Hoang Long Joint Operating Co., on behalf of SOCO (30.5%) and its partners, PetroVietnam Exploration & Production Corp. (41%) and PTT Exploration and Production Public Co. (28.5%).
Citing lower oil prices and lower production, SOCO’s revenue in 1H 2015 was US$116.6 million, down from $246.4 million in 1H 2014. The firm recently inked an agreement with PetroVietnam and Sovico Holdings to jointly explore blocks 125 and 126 in the Phu Khanh basin also offshore Vietnam.
