Perenco ended 2012 with operated production of over 390 000 boepd, the highest in the group's history. Both Acquisitions and successful development programs are contributing to this achievement.
2012 was a key year for Perenco and saw us operate with considerable financial discipline, farming-out several major capital expenditures, whilst continuing to remain exposed to all potential upside.
2012 saw our strategic entry into South East Asia through the acquisition of three wholly-owned subsidiaries in Vietnam. Our activity in the area has started with a successful appraisal well SV-5X, the exploration success of SV-6X and the development of Su Tu Trang.
2012 also saw us further consolidate our position in the UK, with the acquisition of BP's SGA assets. The SGA acquisition, like Wytch Farm in 2011, is further confirmation that we have established ourselves as an operator of choice in the UK.
The entry of PEVP, the Vietnamese state-owned company in Peru's Block 67 is a significant milestone in the development of the field.
The Sinochem farm-in agreement in Brazil was completed on 25th October 2012. With their 10% interest in the Concessions operated by Perenco, Sinochem is a valued partner in the exploration of those permits.
We enter 2013 with the strongest and most balanced portfolio in our history, both in terms of our geographical spread, and the broad spectrum of the life cycle of our projects.