Soco: With offshore platform installed, H5 oil set to flow soon (Vietnam)

Soco International, an independent oil and gas company with assets in Africa and South East Asia, will start production from the H5 block in the Te Giac Trang field offshore Vietnam, ahead of its previously announced September/October plan.

In a statement issued Wednesday, Soco said the Hoang Long Joint Operating Co.-operated H5 development project was well ahead of the original schedule with topsides having been installed on July 15 and first oil expected before mid-August.

Ed Story, Chief Executive Officer, said: “The main focus for 2015 has been the delivery of the H5 development with first oil now expected imminently, well ahead of the original September/October target.  We continue to engage with our partners to optimize the current performance of TGT and to progress towards the further development of the field and are hopeful the start-up of H5 will serve as a catalyst to facilitate these efforts.”

TGT field production averaged 33.6 thousand barrels of oil equivalent per day (“KBOEPD”) for 1H 2015, 10.1 KBOEPD net to SOCO. Production was slightly below the Soco’s expectations due to drilling delays.

Moreover, Soco said that a lower level of production is expected during Q3 due to the FPSO shutdown for H5 hook-up and maintenance carried out in July (gross TGT production for the month was 24.7 KBOEPD) and the gradual expected ramp-up of production from the H5 platform.

With the anticipated start-up of H5 before mid August, SOCO has revised its production guidance range for full year 2015 from 10.5-12 KBOEPD to 11-12 KBOEPD.

As for the financial results, in the first half of 205 Soco felt the impact of lower oil price and production, compared to the same period last year.

Revenue for 1H 2015 was $116.6 million (1H 2014: $246.4m); net profit for 1H 2015 was $5.9 million (1H 2014: $79.8m), and operating cash flow for 1H 2015 was $45.3 million (1H 2014: $141.4m).

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2018 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Fuel Cell Expo 2019

FC EXPO is world’s largest show for hydrogen & fuel cell…

read more >

LNG Bunkering Summit 2019

LNG Bunkering Summit will cover the obstacles facing both the shipping and port communities…

read more >

Egypt Petroleum Show

This event will feature 500+ regional & international exhibiting companies from over 35 countries…

read more >

IoT in Oil & Gas 2019

The IoT in Oil & Gas 2019 Conference will continue to focus on helping operators…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply