PetroVietnam 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 signs in its business activities when prices of crude oil improve and the oil drilling 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 technical services in regional markets, including Malaysia, Indonesia, Myanmar and Thailand.

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

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

PVD’s post-tax profit was 25 billion VND (1.1 million USD) in the third quarter of this year, 2.5 times higher than the same period in 2016. Particularly, the company still maintained quality services for its customers with sound performance 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 competitiveness in the drilling market, the company is focusing on restructuring and enhancing financial management to reduce costs during production, particularly cutting operation costs of its oil rigs.

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

Together with the recovery of oil prices, the drilling market also enjoys upbeat signs. According to a latest report from ODS-Petrodata, a market intelligence 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 end of 2016.-VNA