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Soco, PetroVietnam produce oil from CNV field in Vietnam
Soco International Plc, a UK oil explorer operating in Africa and Asia, and Vietnam Oil & Gas Group (PetroVietnam) started pumping oil and gas from the Ca Ngu Vang (CNV) field in Vietnam.
The partners have already drilled four wells at the CNV field and started production on July 25, Soco said Monday in a statement distributed through the Regulatory News Service.
Daily production is expected to be between 10,000 and 20,000 barrels of oil and 25 million to 50 million cubic feet of gas.
Output will be transported from the field through a subsea pipeline to the Bach Ho processing facility.
PetroVietnam, known as the Southeast Asia’s third-biggest oil producer, plans to reverse a drop in crude oil production this year by advancing the start of operations at five fields.
The producer expects “to boost this year’s output to as much as 16 million tons by bringing forward the schedule to start the five new oil fields,’’ Chairman Dinh La Thang said earlier this month.
PetroVietnam has said it plans to boost domestic exploration and spend more money looking for overseas oil to meet a target of producing 20 million tons annually by 2010.
The five new fields, Su Tu Vang, CNV, Phuong Dong, Song Doc and Bunga Orkid, may start production at a total of about 100,000 barrels a day later this year.
Soco is an international oil and gas exploration and production company, headquartered in London, traded on the London Stock Exchange and a constituent of the FTSE 250 Index.
The company has interests in Vietnam, Yemen, Thailand, the Republic of Congo and the Democratic Republic of Congo with production operations in Yemen.
Thanhnien
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