PTTEP starts first oil production from Vietnam 16-1

abarrelfullabarrelfull wrote on 23 Aug 2011 12:25
Tags: pptep upstream vietnam

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PTTEP and its partners have started first production of crude oil and natural gas from Vietnam 16-1 Project. This is the second oil field PTTEP producing from offshore Vietnam.

Mr. Anon Sirisaengtaksin (นายอนนต์ สิริแสงทักษิณ), the President and CEO of PTT Exploration and Production Public Company Limited or PTTEP, said that the production of crude oil from Te Giac Trang Field of Vietnam 16-1 Project commenced on 22 August 2011 with the initial rate of approximately 15,000 barrels per day (bpd). The production from the field is expected to reach approximately 40,000 bpd of crude oil and 30 million cubic feet per day of natural gas by the end of this year.

The Te Giac Trang Field of Vietnam 16-1 Project is located in the North of Block 16-1, off the southern coast of Vietnam, approximately 100 kilometers from Vung Tau Province. The field was discovered in August 2005. In 2009, the Government of Vietnam approved the field development plan which is comprised of a floating production storage and offloading vessel (FPSO), two wellhead platform, and a subsea pipeline system.

Vietnam 16-1 Project is operated by Hoang Long Joint Operating Company which was established by its four partners, consisting of PTTEP Hoang Long Ltd., a wholly owned subsidiary of PTTEP, with 28.5% share, PetroVietnam Exploration Production Corporation or PVEP (41%), SOCO Vietnam Ltd (28.5%) and OPECO Vietnam Ltd (2%).

In Vietnam, PTTEP also owns 25% interest of Block 9-2 in partnership with PVEP and SOCO. The field has been producing crude oil and natural gas since 2008. In addition, PTTEP owns interest in Blocks 52/97 (7%) and B & 48/95 (8.5%) in partnership with Chevron, PVEP and MOECO.

PTTEP, Thailand-based E&P company, has invested in E&P business in 13 countries worldwide. With the aim to increase the production volume threefold by 2020, the production start-up of Vietnam 16-1 Project is one of PTTEP’s steps of success to reach the company’s target and to raise reserves and resources as well.

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