March 14 (Reuters) - Soco International’s profit jumped more than five-fold on the back of a key oil field in Vietnam coming onstream last year, and said it was confident of achieving the field’s targeted output by the third-quarter of this year.
The Te Giac Trang Field off the Vietnam coast, which commenced production in August last year, had initially been expected to reach a target of 55,000 barrels of oil per day (bopd) by the end of 2011, but in November the British oil firm said that output level would be hit only in 2012.
Soco was confident of reaching agreement with its partners to raise production to the targeted level by the third quarter of the year, the company said in a statement.
The field, co-owned by Vietnam’s state oil group Petrovietnam and Thailand’s state-run PTT Exploration and Production, has demonstrated performance in excess of 40,000 bopd, the company added.
Soco, which has also oil and gas interests in the Republic of Congo, the Democratic Republic of Congo and Angola, reported a pretax profit of $158.6 million for 2011, compared with $30.9 million a year earlier.