UK-based Soco has received approval from the Vietnamese Government to develop the Te Giac Trang oilfield.
The second phase of development includes the installation of a second unmanned production platform on the H4 fault block.
On completion of the second phase, the company expects the field to produce about 40,000 barrels of oil per day by next year.
Soco has drilled four development wells in the field and spudded one more.
All the wells were suspended and will be perforated to become producing wells once production starts as scheduled in August 2011.
The company said plateau production during the first phase of development is estimated to be about 55,000bpd.
Soco also plans to drill three exploration wells offshore Congo (Brazzaville), with the first well to be drilled in early September.