PetroVietnam Drilling and Well Services Joint Stock Corp. (PVD) signed a cooperation contract with the US-based Baker Hughes in Hanoi on March 16 to set up a joint venture in Vietnam.

The PVD – Baker Hughes Joint Venture is the one of the first to specialise in oil drilling services in Vietnam. The newly-established partnership has a chartered capital of about 20 million USD, of which PVD holds 51 percent.

Speaking at the signing ceremony, a representative of the newly founded company said the establishment of this joint venture will help reduce costs and promote oil and gas exploration in Vietnam.

Before the joint venture’s establishment, Baker Hughes and PVD cooperated effectively in offering oil-drilling services for other enterprises in Vietnam.

PVD, under the National Oil and Gas Group (PetroVietnam), with a chartered capital of over 2.1 trillion VND (roughly 109.5 million USD), will be involved in providing drilling services and other related services in the oil and gas field.

Baker Hughes Co. is a well-known oil and gas service provider with branches in over 90 countries around the world./.