As one of the lowest-cost producers listed in London, Soco International (SIA) might have seen 2016's multi-year low oil prices as an opportunity to invest in new sources of production. Instead, the focus was largely on balance sheet preservation. Capital expenditure - funded entirely from cash resources - more than halved to $40.1m (£32.1m), partly due to the unwillingness of Vietnamese joint venture partners to drill. Unfortunately, "very limited investment" in its prime TGT field, the offshore asset in which Soco has a 30.5 per cent stake, has resulted in production declines.
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