Thailand's PTT Exploration And Production (PTTEP) said Monday that oil production from the offshore Vietnam 16-1 project will hit 55,000 barrels per day (bpd) by the fourth quarter of this year due to the successful installation of a second wellhead platform.
Oil production at the Te Giac Trang (TGT) field, where the newly installed wellhead is sited, is currently at 41,000 bpd.
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"There are no plans for further expansion. PTTEP will aim to produce at the maximum capacity of the two wellheads," a company spokesperson told Rigzone.
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The TGT field is located off the southern coast of Vietnam, 62 miles (100 kilometers) from Vung Tau province. The project consists of a floating, production, storage, and offloading unit, two wellhead platforms and a subsea pipeline system.
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The Vietnam 16-1 Project is operated by Hoang Long Joint Operating Company which was established by four partners: PTTEP Hoang Long (28.5-percent), PetroVietnam Exploration Production Corporation (41-percent), and SOCO Vietnam (30-percent). PTTEP Hoang Long is a wholly owned subsidiary of PTTEP.?
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Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.
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Source: http://www.rigzone.com/news/article.asp?a_id=119180&rss=true
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