Thailand's PTT Exploration And Production (PTTEP) said Monday that oil production from the offshore Vietnam 16-1 project will hit 55,000 barrels of oil per day (bopd) by the fourth quarter of this year due to the successful installation of a second wellhead platform.
"There are no plans for further expansion. PTTEP will aim to produce at the maximum capacity of the two wellheads," a company spokesperson told Rigzone.
The TGT field is located off the southern coast of Vietnam, 62 miles (100 kilometers) from Vung Tau province. The project consists of a floating, production, storage, and offloading unit, two wellhead platforms and a subsea pipeline system.
The Vietnam 16-1 Project is operated by Hoang Long Joint Operating Company which was established by four partners: PTTEP Hoang Long (28.5-percent), PetroVietnam Exploration Production Corporation (41-percent), and SOCO Vietnam (30-percent). PTTEP Hoang Long is a wholly owned subsidiary of PTTEP.
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