The company’s net production fell slightly below expectations, due in part to unexpected downtime caused by pressure-testing on CNV, and a recent stoppage for rig positioning and down-well intervention work.
However, the first TGT development drilling program in almost two years started in late 2016, with PetroVietnam’sPVD-6 jackup spudding both from the H4-wellhead platform on the TGT field’s central area.
Both wells encountered hydrocarbons throughout the Miocene and Oligocene reservoir horizons. Results are currently under analysis following execution of the initial perforation program.
The partners have agreed to add a further two infill wells from the southern H5-wellhead platform on completion of these wells and delivery of long-lead items, and to drill the TGT-14X well into the H5 South fault block as part of the same campaign.
The TGT full field development plan, recently submitted to the Vietnamese authorities, details the scope for additional wells and facilities options to increase total fluid-handling capacity.
Negotiations have concluded on the company taking a 70% interest in a production-sharing contract (PSC) over blocks 125 and 126 in the Phu Khanh basin offshore central Vietnam.
Execution of the PSC between SOCO, PetroVietnam, and Sovico Holdings Co. should follow by mid-year.
These blocks are in moderate to deepwater, adjacent to the coast, with multiple structural and stratigraphic plays observed on available seismic. Interpretation indicates potential for source, expulsion and migration of oil with numerous reservoir and seal intervals anticipated.
Last September, the Republic of Congo authorities approved SOCO’s application for a 20-year production license (PEX) for the area of the Marine XI block around theoffshore Lidongo well.
An extension of the license until this March has allowed interpretation to be completed of 3D seismic data over the remainder of the block, including the Lideka East discovery area.
Reviews continue of possible additional PEX applications for the other areas in Marine XI.