Soco International receives confirmation of potential of TGT field

SOCO International said on Tuesday that its long standing view of the size and production potential of the TGT field offshore Vietnam had been confirmed by the now completed evaluation by ERC Equipoise.

The results indicated that the currently drilled fault blocks were likely to deliver 818m barrels of oil (boe). Including the H5N and H5S fault blocks, which are due to be drilled in the first quarter of 2015, this would likely rise to 949m boe.

The potential oil recovery within the expected licence period to 2030 is estimated at up to 319m boe. SOCO's TGT booked proven plus probable oil reserves at the end of 2013 correspond to an initial gross field recoverable volume of 298m boe.

Chief executive Ed Story said: "This confirms our long standing view on the size and production potential of the TGT field and provides a robust model to optimise the development and future potential of this large resource for the benefit of the field owners and the government of Vietnam."

The operating company partners are now evaluating the 2015 work programme and budget, as well as preparing an update to the TGT Field Development Plan for submission to the Vietnamese authorities. The updated plan will incorporate the development plans for the TGT field beyond 2015.

"The conclusions of ERC Equipoise's work will be shared with the partners as part of this process as the work suggests a substantial gain in oil recovery can be achieved by way of improvements to the TGT field liquid handling capacity, infill drilling and optimised pressure support," SOCO added.