Soco completes its drilling for potentially rich wells in Vietnam

Exploration activities in Vietnam’s energy basin are gathering pace.

Hoang Long Joint Operating Company, operator of Block 16-1 in the Cuu Long Basin offshore of Vietnam, recently said it had completed drilling of the four “batch” drilled development wells.

It has also commenced drilling the eighth development well on the Te Giac Trang (TGT) development.

According to Soco International, which hold 28.5 per cent stake in Block 16-1, all wells would start production in August 2011.

Plateau production during this first phase of development is estimated to be circa 55,000 barrels of oil per day.

The four wells (TGT-4P, 5P, 6P and 7P), the company said, were drilled in “batch” mode rather than drilling each well sequentially.

Preliminary petrophysical analysis indicates that the wells have confirmed the reservoir model.

The TGT-8P well will take approximately 30 days to drill and complete. Once the well has been completed, the rig would be released to allow for the commencement of installation operations for the in-field pipelines and floating production, storage and offloading unit to commence, the company said.

Soco in October last year decided to plug and abandon the TGD 2X in the same block, due to under commercial rates.

Nguyen Hoang Hai, vice chairman of Soco Vietnam, said that figures from TGD 2X proved there were oil flows in this well. However, the flows were not sufficient enough to be exploited.

However, the block had exposed potential for oil and gas.

Soco holds its interests in Vietnam, all in the Cuu Long Basin offshore, through its 80 per cent owned subsidiary Soco Vietnam Ltd and through its 100 per cent ownership of Opeco Inc.

Soco Vietnam holds a 25 per cent working interest in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. The rest belongs to PetroVietnam with 50 per cent and Thailand PTTEP with 25 per cent.

In Block 16.1 which is operated by the Hoang Long Joint Operating Company, Soco Vietnam holds 28.5 per cent, PetroVietnam 41 per cent and PRREP 28.5 per cent. – VIR

Tags: Soco International