On June 12th, 2024, in Ho Chi Minh City, PetroVietnam Drilling & Well Service Corporation (PV Drilling)  signed a contract with Domestic Petroleum Operating Branch  - PetroVietnam Exploration Production Corporation Limited (PVEP-POC) for the “Provision of Equipment and Bundled Services for the Drilling and Completion Program of Development Wells at Dai Hung Field Development – Phase 3, Block 05-1(a)”. The contract shall cover 12 wells with duration of tentatively 480 days.

The contract signing ceremony  welcomed the distinguished representative from Vietnam National Oil and Gas Group (PVN) - Mr. Luyện Công Chiến, Deputy Manager of the Oil and Gas Exploration Division, and Chairman of the Management Committee for Block 05-1(a).

Representatives from PetroVietnam Exploration Production Corporation (PVEP) included Mr. Trần Quốc Việt, Chairman; Mr. Trần Hồng Nam, President & CEO; along with members of the Board of Directors, the Board of Management, as well as the Supervisory Board. From PVEP-POC,  Mr. Lê Đức Tuệ, Director, participated, together with Deputy Directors and representatives from various functional departments. From PV Drilling, Mr. Nguyễn Xuân Cường, President & CEO; Mr. Nguyễn Thế Sơn, Member of Board of Directors cum Vice President; along with management of PV Drilling’s subsidiaries and divisions also joined the ceremony.

Overview of the contract signing ceremony

At the contract signing ceremony, representing the Operator of Block 05-1(a), Mr. Lê Đức Tuệ, Director of PVEP-POC, stated that the Drilling and Completion Program of Development Wells at Dai Hung Field Development – Phase 3 holds significant importance for PVEP-POC in the years 2024 – 2025 as it aims to achieve the production targets assigned by PVN and PVEP. Therefore, the timely finalization and signing of the contract for the bundled services tender package are essential for PVEP-POC to undertake related tasks and commence the drilling campaign planned for late July 2024, with the goal of achieving first oil target in the fourth quarter of 2024, as per the approved Field Development Plan.

Mr. Lê Đức Tuệ, Director of PVEP-POC, delivered an opening speech at the signing ceremony

On this occasion, Mr. Lê Đức Tuệ expressed his gratitude for the guidance from PVN and the Management Committee of Block 05-1(a), especially PVEP, which enabled PVEP-POC to complete the tender process for all necessary services, particularly the "Provision of Equipment and Bundled Services for the Drilling and Completion Program of Development Wells at Dai Hung Field Development – Phase 3, Block 05-1(a)" package. Mr. Lê Đức Tuệ also acknowledged the continuous cooperation of PV Drilling during the contract negotiation process, which led to the mutual agreement and the signing ceremony on this day. Mr. Tuệ emphasized that this event marks an important milestone for the fruitful and long-term cooperation between PVEP, PVEP-POC, and PV Drilling for the subsequent critical phases of the Block 05-1(a) Project.

Mr. Nguyễn Xuân Cường, President & CEO of PV Drilling, spoke at the signing ceremony

On behalf of the Contractor, Mr. Nguyễn Xuân Cường, President & CEO of PV Drilling, acknowledged and conveyed his sincere appreciation to the positive cooperation from all parties, particularly  the guidance and support from PVN and PVEP throughout the tendering stage, negotiation, and finalization of the contract document.

Dai Hung Field Development – Phase 3 Project comprises a drilling program for 12 production wells, including injection, well repair operation, and sidetrack of the DH-21XP well at the DH-02 area, with a duration of 480 days. The drilling campaign is planned to commence by late July 2024. This project is vital for the energy security of the country and PVN. Thus PV Drilling and its subsidiaries have made their utmost efforts to participate in the "Bundled Services" tender package, offering the best technical solutions at the most competitive prices, ensuring the safety and quality for the implementation of 11 well services, thereby realizing the cost-efficiency for the whole project.

The signing of the contract for 11-well services bundled package with PVEP-POC further solidified PV Drilling's position, extending its achievements in providing "Bundled Services" solution, which were effectively deployed for programs of previous clients such as BHP, ENI, Hoàn Vũ JOC, Thăng Long JOC, and POVO (Harbour Energy). With extensive experience and the capability of its management and operational teams, PV Drilling is committed to executing the Bundled Services package for PVEP-POC safely and efficiently in alignment with  Dai Hung Field Development – Phase 3 development drilling plan, contributing to the enhancement of PVN's value chain" emphasized by the President & CEO of PV Drilling.

Mr. Trần Quốc Việt, Chairman and Mr. Trần Hồng Nam, President & CEO of PVEP gave remarks at the signing ceremony

On behalf of PVEP, Mr. Trần Quốc Việt, Chairman, and Mr. Trần Hồng Nam, President & CEO, reiterated the importance of Dai Hung Field Development – Phase 3 Project. PVEP’s Management emphasized the necessity for both PVEP POC and PV Drilling to work closely together during the implementation of the bundled services package, ensuring compliance with the contract terms while achieving the highest efficiency for both the Company and the Contractor. The criteria of safety, quality, and timely completion are crucial to meet the first oil target by the fourth quarter of 2024. Based on this project, PVEP Management expressed the hope and trust that PV Drilling would continue to leverage its expertise and deliver high-quality services to PVEP-POC in other upcoming phases of Dai Hung Field Development Project.

Mr. Lê Đức Tuệ, Director of PVEP-POC, and Mr. Nguyễn Xuân Cường, President & CEO of PV Drilling, signing the contract in the witness of the Management of PetroVietnam, the Management Committee of Block 05-1(a), PVEP, and PV Drilling.

Following this contract for Dai Hung Field Development – Phase 3, Block 05-1(a) , PV Drilling will continue to strenOn June 12th, 2024, in Ho Chi Minh City, PetroVietnam Drilling & Well Service Corporation (PV Drilling)  signed a contract with Domestic Petroleum Operating Branch  - PetroVietnam Exploration Production Corporation Limited (PVEP-POC) for the “Provision of Equipment and Bundled Services for the Drilling and Completion Program of Development Wells at Dai Hung Field Development – Phase 3, Block 05-1(a)”. The contract shall cover 12 wells with duration of tentatively 480 days.

Source: www.pvdrilling.com.vn