Vietsovpetro proposes to develop new oil blocks

The Vietnamese-Russian oil and gas joint venture Vietsovpetro has recently submitted a proposal to the Vietnam Oil and Gas Group (Petrovietnam) regarding the expansion of its exploitation area.

Specifically, Vietsovpetro proposed to Petrovietnam to accelerate the development plans for blocks 09-2/09, 16-1/15 and 09-2/10, and to ask the competent authorities to approve Vietsovpetro’s participation in potential projects such as the blocks 17 and 05-2/10, while adopting Vietsovpetro’s investment plans for the new blocks.

Vietsovpetro CEO Vu Mai Khanh stated that Vietsovpetro is finding it difficult to mobilize floating systems and drilling rigs due to shortages and high rental costs, which are hampering its expansion plans and activities.

To overcome these challenges, Vietsovpetro has proposed geological and technical solutions, such as increasing reserves, optimizing drilling and production operations, ensuring timely completion of key construction projects, improving internal capabilities, and maintaining a competitive advantage in supplying services, especially in the renewable energy sector. It also aims to expand cooperation and take advantage of external factors to develop and expand other services, he said.

Petrovietnam Director General Le Manh Hung asked member units to work closely with Vietsovpetro to review the management system and propose further decentralization to keep the responsibility of the joint venture leader.

He also urged Vietsovpetro to partner with Petrovietnam Technical Services Corporation (PTSC) to develop a flexible and efficient resource allocation plan. This includes prioritizing the use of services from Petrovietnam ecosystem units to increase the industry’s share of domestic revenue and allocating resources to upcoming key projects such as Block B and offshore wind.

Vietnam and the US reinforce their cooperation in innovation, investment and high technology

In the first half of this year, oil production at all Vietsovpetro fields reached more than 1.5 million tons, exceeding the plan by 48,600 tons. Oil production in the second half is expected to exceed 1.44 million tons, and the expected figure for this year will be more than 2.96 million tons, exceeding the plan by 70,700 tons.

To overcome these challenges, Vietsovpetro has proposed geological and technical solutions, such as increasing reserves, optimizing drilling and production operations, ensuring timely completion of key construction projects

Natural gas production in the first half reached 38.3 million m3, exceeding the plan by 8.4 million m3. The estimated total for 2023 will be 70.7 million m3, 16.5 million m3 above the target.

On July 15, the RC-8 drilling rig in the Rong field, Block 09-1, officially received the first flow of oil, a month ahead of schedule, helping to boost Vietsovpetro’s oil output this year.

Article republished from the Vietnamese state media VNA in the framework of an agreement between both parties to share content. Link to the original article:https://en.vietnamplus.vn/vietsovpetro-proposes-developing-new-oil-blocks/259509.vnp

Vietnam News Agency (VNA) is a state-owned news organization that publishes, disseminates official information, and collects and provides news through various forms of multimedia content for domestic and foreign media agencies.

The VNA operates under a consortium model with 15 news units for domestic and foreign service and representative offices in the 63 cities and provinces nationwide and 30 foreign offices on five continents.

VNA and ReporteAsia have an agreement for sharing and republishing content