SOCO International, the FTSE 250 oil and gas company, says production has started a month ahead of schedule at its second platform in the Te Giac Trang field off the southern coast of Vietnam.
Production from the field, currently around 42,000 barrels of oil per day ('BOPD'), will now be increased to the 55,000 BOPD.
The block is operated on behalf of SOCO, which has a 30.5% stake, and its partners, by the Hoang Long Joint Operating Company.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Ed Story, President and Chief Executive of SOCO, commented: "We set an ambitious delivery target and it is a credit to all involved that this has been achieved ahead of schedule.
"We now look forward to working with our partners to maximise the recovery and performance of the field. The success and knowledge we have gained thus far from the TGT Field will enable us to drive further shareholder value in Vietnam and the wider region."
BS
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
