CNV field produces first oil

SOCO International Plc and its partners have produced the first flow of crude oil and wet gas in Ca Ngu Vang field (CNV).

Offshore staff

LONDON -- SOCO International Plc and its partners have produced the first flow of crude oil and wet gas in Ca Ngu Vang field (CNV).

The field is located in block 9-2 of the Cuu Long basin offshore Vung Tao, Vietnam. The block is operated on behalf of the partners by the Hoan Vu Joint Operating Company (HVJOC).

Four development wells have been drilled in the CNV field and HVJOC is evaluating further locations for additional development wells in the fractured basement reservoir.

Oil production is expected to be between 10,000 to 20,000 b/d of oil and wet gas production to be between 25 to 50 MMcf/d (.7 to 1.4 MMcm/d). The field is expected to be in production for the next 20 years.

Production is transported via a 25 km (15.5 mi) subsea pipeline system to Bach Ho's processing facilities. Crude oil is processed, stored in a FSO vessel and then transported to oil refineries. Wet gas separated offshore is transported to an onshore gas facility for further distribution.

PetroVietnam Exploration Production Corp. holds a 50% share in the block, and SOCO Vietnam Ltd. and PTTEP Hoan-Vu Co. Ltd. each hold 25% shares.

07/28/2008

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