Assuming approval from the Vietnamese authorities for the updated reserve assessment report, theHLJOC consortium expects to submit a revised full field development plan (FFDP) this spring.
This will likely recommend additional wells and facilities to increase water handling capacity.
No firm production target has been agreed on this year pending agreement on the scope of the FFDP, as well as receipt of optimized 2016 production scenarios using the full reservoir potential of existing wells.
SOCO says the TGT field has attractive economics and cost recovery terms, low operating costs, and a benign operating and geopolitical backdrop.
Last year’s newly onstreamH5 production platform partly offset the higher water cut from the field’s older producing platforms. By end-2015, 2P commercial reserves for TGT were 30.6 MMboe.
At theCa Ngu Vang (CNV) field in the same basin, SOCO is a partner in the Hoan Vu Joint Operating Co. (HVJOC). Last year CNV’s production averaged 6,997 boe/d.
The partners are evaluating the impact of the reservoir pressure drop from reduced water injection on the field’s long-term performance and recovery, and are examining ways of maintaining production performance and improving recovery.
Initiatives could include conversion of the CNV-6P-ST1 injection well to a producer and modifying processing facilities on the Bach Ho reception platform to lower minimum tubing head pressure.
Year-end proven and probable reserves for CNV Field increased to 6.7 MMboe.
Last July, SOCO signed a memorandum of understanding with PetroVietnam and SOVICO Holdings concerning petroleum contracts for blocks 125/126 offshore central Vietnam. They aim to formalize a production-sharing agreement.
Offshore Congo, the company operates the Marine XI block. Following the successfulLidongo X Marine 101 exploration well drilled in 2014, the partners have held discussions with the authorities on commercialization options for the Lidongo discovery area and other prior discoveries on the block.
Early this year the authorities sanctioned a 12-month extension for the license.
The Lidongo well results indicated a possible extension into the block of the Litchendjili field on Marine XII, which began production in 2015.
Both sets of partners are now exploring options for either a joint development or unitization.
Interpretation continues of reprocessed 3D seismic over Marine XI, SOCO added.
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