Cost pressures slow investment in TGT project offshore Vietnam

Offshore staff

LONDON – SOCO International says development drilling at the Te Giac Trang (TGT) complex in the Nam Con Son basin offshore southern Vietnam remains on track.

Last year, five wells were drilled on the main TGT field and 3 on the H5 accumulation. The H5 development project is set to deliver first oil in September or October.

Due to the oil price drop and PetroVietnam’s plan to reduce expenditure this year, the partners in the Hoang Long Joint Operating Co. have agreed to limit their firm 2015 capex budget to the 2014/15 winter drilling campaign. This covers the wells under the original TGT field development plan (FDP) and the H5 FDP.

Currently they plan up to six wells, including two appraisal wells on the H5 North and H5 South fault blocks.

Production could be increased later this year from existing producers by perforating additional horizons, optimizing reservoir management.

The partners are preparing a revised TGT full field FDP, which they hope will be sanctioned this summer.

At the Ca Ngu Vang (CNV) field, operated by Hoan Vu Joint Operating Co., the partners will probably determine the timing for re-entry of the CNV-7P well following completion of drilling engineering studies, SOCO adds.

01/29/2015

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