SOCO trading and operations update

Published by Louise Mulhall, Editorial Assistant
Oilfield Technology, Wednesday, 18 November 2015 09:00

Trading and operations update

Group production from January to October averaged 12.0 KBOEPD. Full year guidance is revised to 11.8-12 KBOEPD from 11-12 KBOEPD mainly due to earlier H5 start-up.

H5 started production on 10 August 2015, ahead of original schedule and budget, and is currently producing from 5 wells. Current H5 production of c.9 KBOPD from initially perforated zones is slightly below expectations and the initial production rates of c.11-12 KBOPD. Additional H5 production potential exists in unperforated intervals, with the scope of such perforations expected to be defined in the revised FDP.

The updated TGT Reserve Assessment Report (RAR) has been completed with the formal presentation to the relevant Vietnamese authorities expected in the coming weeks.

The work on the revised TGT Field Development Plan (FDP) is ongoing, with the formal submission to the government now expected in Q1 2016. The FDP is expected to include additional development wells and potential additional liquids handling capacity, with the scope and initial phasing of investment spend dependent on the oil price outlook and the partners’ appetite to commit capital near-term.

SOCO has signed contracts for the MPS commitment well which is expected to be spudded in December or January 2016 depending on when the rig is released from its current commitment.

Adapted from a press release by Louise Mulhall

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/18112015/soco-trading-and-operations-update/

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