PetroVietnam subsidiary exploits 10 million Sahara oil barrels
A joint venture of the PetroVietnam Exploration and Production Corporation, the Groupment Bir Seba, has produced 10 million barrels of oil after 20 months of exploitation in Algeria’s Sahara Desert.
A corner of the 433a-416b lot of the Bir Seba project (Source: PVEP)Hanoi (VNA) – A joint venture of the PetroVietnam Exploration and
Production Corporation (PVEP), Groupment Bir Seba (GBRS), has produced 10
million barrels of oil after 20 months of exploitation in Algeria’s Sahara
Desert.
The consortium, between PVEP under the Vietnam National Oil and Gas Group (PVN), Algeria’s Sonatrach and Thailand’s PTTEP, received the first oil flow pumped from the 433a-416b lot of the Bir Seba (BRS) oil exploration project in the desert on August 12, 2015.
The project has an estimated total capacity of around 1 billion oil barrels. In the first phase, it is set to exploit 20,000 barrels per day from 13 wells. As the project enters its second phase in 2019, it will produce around 40,000 barrels on a daily basis.
The Sahara oil rig is the first-ever overseas project in which PVEP succeeded in all phases, from winning international bid to starting exploration. It marks the PVN’s first effort to extend its oil drilling services to a foreign country.
According to the PVN, oil exploration has faced daunting challenges stemming from harsh weather and unstable politics in Algeria.
BRS is touted as a thriving project which has brought great economic efficiency. Around 18,000-20,000 barrels were exploited every day at lower cost than set plan.
Extending over 9 million square kilometres, the Sahara is the largest desert on the African continent, covering large parts of Algeria, Chad, Egypt, Libya, Mali, Mauritania, Morocco, Niger, Western Sahara, Sudan and Tunisia. - VNA
The consortium, between PVEP under the Vietnam National Oil and Gas Group (PVN), Algeria’s Sonatrach and Thailand’s PTTEP, received the first oil flow pumped from the 433a-416b lot of the Bir Seba (BRS) oil exploration project in the desert on August 12, 2015.
The project has an estimated total capacity of around 1 billion oil barrels. In the first phase, it is set to exploit 20,000 barrels per day from 13 wells. As the project enters its second phase in 2019, it will produce around 40,000 barrels on a daily basis.
The Sahara oil rig is the first-ever overseas project in which PVEP succeeded in all phases, from winning international bid to starting exploration. It marks the PVN’s first effort to extend its oil drilling services to a foreign country.
According to the PVN, oil exploration has faced daunting challenges stemming from harsh weather and unstable politics in Algeria.
BRS is touted as a thriving project which has brought great economic efficiency. Around 18,000-20,000 barrels were exploited every day at lower cost than set plan.
Extending over 9 million square kilometres, the Sahara is the largest desert on the African continent, covering large parts of Algeria, Chad, Egypt, Libya, Mali, Mauritania, Morocco, Niger, Western Sahara, Sudan and Tunisia. - VNA
You should also see
Vuong Dinh Hue permitted to cease holding positions, working
The 13th Party Central Committee on April 26 agreed to let Vuong Dinh Hue cease holding the positions of Politburo member, member of the 13th Party Central Committee, and Chairman of the 15th National Assembly (NA) in the 2021 - 2026 tenure.
See more
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
