PTTEP announces that the second wellhead platform of Vietnam 16-1 project has been successfully installed, and this is expected to increase its capacity to about 55,000 bpd by the fourth quarter this year.
Mr. Tevin Vongvanich, the President and CEO of PTT Exploration and Production Public Company Limited, or PTTEP, said that the production of crude oil from the Te Giac Trang Field (the “TGT”) of Vietnam 16-1 Project is expected to increase from 41,000 to about 55,000 barrels of oil per day (bpd) by the fourth quarter this year . This reflects the continued success in the cooperation of PTTEP and the project partners with respect to this investment in the oil industry in Vietnam.
The TGT Field of Vietnam 16-1 Project is located off the southern coast of Vietnam, approximately 100 kilometers from Vung Tau Province. Oil production first commenced in August 2011 and development continued with the installation of the second wellhead platform which is expected to improve the production capacity as planned. Vietnam 16-1 Project consists of a floating production storage and offloading unit (an “FPSO”), two wellhead platforms and the subsea pipeline system.
The Vietnam 16-1 Project is operated by Hoang Long Joint Operating Company which was established by four partners, including PTTEP Hoang Long Ltd., a wholly owned subsidiary of PTTEP, with a 28.5% share, PetroVietnam Exploration Production Corporation, or PVEP, with a 41% share, SOCO Vietnam Ltd with a 28.5% share and OPECO Vietnam Ltd with a 2% share.
Currently, PTTEP has invested in 4 exploration and production projects in Vietnam, including Vietnam 9-2 and Vietnam 16-1, which are under production phase, and Vietnam B & 48/95 and Vietnam 52/97, which are under pre-development phase.