The Second Biggest Petroleum Producer and Leading Operator in Viet Nam

News2015-08-18 11:59:49

The First Oil of The Te Giac Trang H5 Well Head Platform

At 10:15 AM on 13 August 2015, the first hydrocarbons from the TGT-H5-WHP of the Te Giac Trang Field (TGT) operated by Hoang Long Joint Operating Company (HLJOC) were introduced into the production system, 80 days ahead of the schedule approved by the Government.

Top Management of PetroVietnam (PVN) were headed by Mr. Nguyen Quoc Khanh Acting Chairman, President & CEO, with  representatives of PetroVietnam Production and Exploration Corporation (PVEP) led by Dr. Do Van Khanh - President & CEO and the two leaders conducted the valve opening protocol to flow the first hydrocarbons from the TGT-H5-WHP. This was followed by a meeting with staff on the FPSO Armada TGT 1, where the oil and gas from TGT H5 is processed, to recognise and reward their efforts.


Photo: Top Management conducted the valve opening protocol of the TGT H5 WHP

The H5 fault block from which the commercial oil was discovered in October 2013, is located in the south of the TGT Field of Block 16-1 in the Cuu Long basin, 100 km south east of Vungtau City, offshore Vietnam. The development of the H5 area of the Te Giac Trang Field was approved by Government with an estimated Project cost of US$ 324 million.


Photo: Cooperation and Successes

The H5 development achieved significant milestones including first production of hydrocarbons within 22 months of discovery and 16 months after the first steel cut. It was delivered 80 days ahead of the schedule approved by Government and 18 days ahead of the accelerated plan approved by the Block 16-1 Management Committee. In addition cost savings of US$34 million from the approved budget were achieved and the Project was accomplished to the highest safety standards with 2.4 million onshore and offshore manhours being worked without an LTI.

Early delivery of the TGT-H5-WHP Project with its output of between 10,000-12,000 barrels per day, increases the total production output of the Te Giac Trang Field to 40,000 - 42,000 barrels per day. This increases the revenues of HLJOC in 2015 by around US$ 45 million and upgrades the field economics for the Partners and the Vietnamese Government, as well as reinforcing national energy security.

The achievements of HLJOC demonstrate the qualities of HLJOC’s active, professional and energetic team and the close supervision of the Management of PVN, PVEP and the Foreign Parties. The success of the TGT H5 Project underlines the fruitful business cooperation amongst the Partners SOCO (United Kingdom), PTTEP (Thailand), OPECO (US) and Vietnam (PVEP-PVN) in offshore Vietnam. According to Mr. Nguyen Quoc Khanh, the success of the TGT-H5 proved that with the determination of PVN, in harmony with efforts of all oil and gas employees, that the existing difficulties and challenges will be overcome to accomplish the business targets, which consequently contributes to the country’s economic development.