more than 1.2 billion USD in sales of batches 01 and 02

The turnover of oil lots 01 and 02, operated by PetroVietnam Oil and Gas Exploration and Exploitation Company (PVEP), is estimated at more than 1.2 billion USD in five years.

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As of May 23, 2022, the total production of oil batches 01 and 02 reached 130 million barrels.
Photo : VNA/CVN

The PVEP began to exploit oil lots 01 and 02 from September 2017 in terms of a contract signed with the contracting authority Petronas Carigali Vietnam Limited.

As of May 23, 2022, the total production of oil batches 01 and 02 has reached 130 million barrels of oil and PVEP has become one of four oil and gas contractors in Vietnam to reach this level.

PVEP contributed more than USD 450 million to the state budget and recorded an after-tax profit of USD 262 million.

Oil lots 01 and 02 are parts of the Cuu Long basin, located on the continental shelf of Vietnam, about 150 km southeast of Vung Tau city, Bà Ria-Vung Tau (South) province. It comprises four deposits currently being mined: Ruby, Pearl, Topaz and Diamond; two newly discovered deposits which are Jade and Emerald, and other potential structures.

In 1998, oil lots 01 and 02 received the first flows of oil from the Ruby field and reached the level of 50 million barrels in 2006. In 2010, the FPSO Ruby II was commissioned to replace the FPSO Ruby Princess and received the first flows of oil from the Pearl and Topaz fields.

In 2014, oil lots 01 and 02 continued to receive the first flows of oil from the Diamond field and reached the level of 100 million barrels in 2015. The production of oil lots 01 and 02 reached the highest level of 25,000 barrels on May 29, 2015.

Merger of two companies

The PetroVietnam Oil and Gas Exploration and Production Company (PVEP – PetroVietnam Exploration Production Corporation) was merged in 2007 from two companies: Oil and Gas Investment and Development Company (PIDC) and PVEP Exploration and Exploitation Company in Ho Chi Minh City.

The PVEP was created to implement oil and gas exploration activities in the country and abroad.

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It currently manages 35 oil and gas projects, including 29 in the country and 6 abroad (Algeria, Malaysia, Mongolia, Peru, Venezuela and Russia). The most remarkable is that of Bir Seba in Algeria relating to lot 433A&416B, in commercial operation since 2015.

This project is led by a joint venture between PVEP (40%), the Thai company PTT Exploration and Production (PTTEP, 35%), and the Algerian company Sonatrach (25%).

With PVEP, the National Petroleum-Gas Group of Vietnam (PVN – PetroVietnam), a pioneering economic group in international cooperation and expansion of overseas investment, invests in gas exploration and exploitation projects. oil companies abroad, with good results, including the Nhenhetsky project in Russia, the PM304 and SK305 projects in Malaysia.

Along with development investments in the country, the PVN is currently implementing 11 oil and gas contracts in nine countries and territories.

Thanks to overseas investment projects, PVN and PVEP have a team of experts, professional and qualified oil and gas project managers.

During the first eight months, the PVEP fulfilled its oil and gas exploitation objectives assigned by the PVN.

Specifically, the company operated 2.52 million tonnes of oil equivalent, exceeding its eight-month plan by 19% and reaching 79% of its annual plan.

It extracted 1.69 million tonnes of oil and gas condensate, exceeding 7% of its eight-month plan and reaching 72% of its annual plan. Its gas sales volume was 834 million m3, exceeding 50% of the eight-month plan. In 2022, the PVEP will have to exploit 3.18 million tonnes of oil equivalent.

VNA/CVN

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