Soco International Plc of the UK announced that it will delay its oil exploitation plan at Te Giac Trang (White Rhino) field until mid 2011, one year behind schedule.
The Financial Times on March 10 quoted Ed Story, Soco’s president and CEO, saying his company has also decided to cancel its plan for exploration at Te Giac Den (Black Rhino) field.
Back in June 2008, Soco said that it would drill a new well in this field within the next 6-9 months. However, the company has now confirmed that it will not be undertaken before the first half of next year.
Analysts say Soco’s assets remain attractive to a potential buyer identified as Sinochem of China which bought Soco’s assets in Yemen worth US$465 million last year.
However, Ed Story said talks to sell assets had taken place only “sporadically”, and there was “nothing definitive to discuss”.
Via: english.vovnews.vn
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Chris Moran