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.
Oil production at the Te Giac Trang (TGT) field, where the newly installed wellhead is sited, is currently at 41,000 bopd.
"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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