Business

PVD sees opportunities from improved crude oil prices

PetroVietnam Drilling and Well Services Corporation (PV Drilling) under the Vietnam Oil and Gas Group (PVN) has seen robust signs in its business activities when prices of crude oil improve and the oil drilling market becomes warmer.
PVD sees opportunities from improved crude oil prices ảnh 1PetroVietnam Drilling and Well Services Corporation has seen robust signs in its business activities when prices of crude oil improve. (Photo: PV Drilling)

Hanoi (VNA) – PetroVietnam Drilling and Well Services Corporation(PV Drilling) under the Vietnam Oil and Gas Group (PVN) has seen robust signsin its business activities when prices of crude oil improve and the oildrilling market becomes warmer.

After the successful operation of its Drilling Rig 1 for Total E&P Myanmar,PVD has won contracts to provide offshore drilling rigs and related technicalservices in regional markets, including Malaysia, Indonesia, Myanmar andThailand.

Meanwhile, the domestic drilling market also opens up opportunities for PVD asthe PetroVietnam is carrying out large oil exploration and drilling projectslike Ca Rong Do (Red Emperor), Ca Voi Xanh (Blue Whale) and Block B-O Mon. Thoseprojects are said to have the largest gas potential in Vietnam.

Sao Vang-Dai Nguyet and other gas fields are being developed in parallel withthe second phase of Su Tu Trang (White Lion) project to ensure sufficient gas supplyfor Nam Con Son 2 pipeline project’s second phase, an important project of PetroVietnamin the coming time.

PVD’s post-tax profit was 25 billion VND (1.1 million USD) in the third quarterof this year, 2.5 times higher than the same period in 2016. Particularly, thecompany still maintained quality services for its customers with soundperformance and achievement of zero Lost Time Injury (zero LTI) for many years.

PVD Vice President Do Danh Rang said that in a bid to improve competitivenessin the drilling market, the company is focusing on restructuring and enhancingfinancial management to reduce costs during production, particularly cuttingoperation costs of its oil rigs.

US benchmark West Texas Intermediate (WTI) crude is being traded at 45.7 USD abarrel, up 28 percent from June. Price of London-traded Brent crude surges 35.7percent to surpass 64 USD a barrel.

Together with the recovery of oil prices, the drilling market also enjoysupbeat signs. According to a latest report from ODS-Petrodata, a marketintelligence company specialised in the upstream offshore oil and gas industry,demand for jack-up rigs in 2018 is forecast at 34, as compared to 27 in the endof 2016.-VNA
VNA
#PV Drilling #PVN #Vietnam Oil and Gas Group #Drilling Rig 1 #Total E&P Myanmar #crude oil prices #offshore drilling rigs #oil and gas industry #vietnamplus
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