Pharos Energy PLC drilled four wells to finish the first phase of the 2021 Te Giac Trang (TGT) infill development drilling program on Block 16-1 in Cuu Long basin, offshore Vietnam (OGJ Online July 21, 2021).
Initial flow of the four development wells was 8,800 b/d and exceeded the predicted combined initial oil rate of 5,650 b/d. The drilling program was completed about $20 million below the JV gross budget, in line with capex guidance.
Well interventions and a gas lift optimization program earlier in the year resulted in an initial production gain of 3,200 b/d. Six wells with additional perforations gained 1,800 b/d, four wells with water shut off gained 900 b/d, and eight wells where demulsifier injection was applied gained 500 b/d.
TGT field gross production on Nov. 17 was 14,800 boe/d, but would have been about 19,800 boe/d without the impact of a compressor fault. The GTC-A compressor, one of the two compressors on the FPSO, was stopped on Nov. 15 to prevent potential damage due to excessive temperature and vibration. The exact cause of the problem is under investigation but will require the compressor to be airfreighted to the manufacturer in the US for inspection and repairs. It is currently anticipated back in service by end January 2022.
Two additional TGT wells and 13 well interventions (10 firm additional perforations and three water shut-offs) are approved for 2022. Two wells are planned to be drilled from cashflow in third-quarter 2022.
Pharos has 30.5% working interest in Block 16-1 which contains 97% of TGT and is operated by the Hoang Long Joint Operating Co. Pharos' unitized interest in TGT is 29.7%.