London-listed independent Soco International has cut its full-year production target by 5-8pc as a result of longer than expected shutdowns for drilling rig moves.
The new end of year target is now 13,300-13,800 b/d of oil equivalent (boe/d), down from 14,000-15,000 boe/d. Production in the year up to 31 October has averaged 13,600 boe/d, Soco said today.
Production from the Te Giac Trang (TGT) field offshore Vietnam averaged around 38,500 boe/d in January-October, but fell to 36,500 boe/d in the four months ending in October as rigs were moved around the field to perform abandonment operations on suspended wells, leading to shutdowns. Soco's net output from TGT was 11,500 boe/d in January-October. The floating, production, storage and offloading vessel's oil capacity for TGT is 55,000 b/d.
The company's strong balance sheet, combined with sales from its producing assets in Vietnam means the company can fund its exploration and development activities, even taking into account recent weaker oil prices, Soco said.
et/rjd
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