The Deputy PM said that the H5 rig will turn out 10,000-12,000 barrels of oil per day, contributing to ensuring the national energy security and demonstrating the effective co-operation between Vietnam and foreign partners.
The first flow of oil was pumped from H5 rig, Te Giac Trang oil-field on August 13, 2015 under the operation of Hoang Long Joint Operating Company, 80 days ahead of schedule, helping to save US$37 million in costs.
The H5 rig project, approved by the government in 2013 with a total investment of US$324 million, will help raise the total oil output of Te Giac Trang oil-field to 40,000-42,000 barrels per day or 11.56 million barrels per year.
Located some 100km southeast of Vung Tau on Vietnam's continental shelf, Te Giac Trang was discovered in August 2005.
Hoang Long Joint Operating Company’s partners include PetroVietnam Exploration and Production Corp (PVEP), SOCO of the UK, PTTEP of Thailand and OPECO of the US.
