PV DRILLING establishes itself as a leader in the sector

These results are 30% up on the previous year. The company's assets are currently estimated at over USD 1 billion.

PV Drilling V (TAD) is conducting drilling work for Bien Dong POC, the operator of the project to develop offshore Vietnam blocks 05-2 and 05-3, in which VNG PetroVietnam has a 51% stake and Gazprom International, the subsidiary responsible for Gazprom's foreign upstream projects, holds 49%.

The drilling site includes the Hai Thасh and Mос Tinh deep-sea deposits in the Nam Con Son basin in the Vietnamese waters of the South China Sea. This is a site of great potential for hydrocarbon reserves. It is expected that around 3 billion cubic metres of gas per year will be extracted in these fields.

Bien Dong POC is a joint venture between VNG PetroVietnam and Gazprom International, created for the Bien Dong 1 project, which includes the development of blocks 05-2 and 05-3. The first stage of the project is to find new gas reserves in the region and supply electric energy to power stations in south-east Vietnam and the Dam Phu My fertiliser plant.

In August 2013, the first industrial gas flow was obtained at the Mос Tinh 1 platform along a 20-kilometre pipeline system with a diversion to the Hai Thach Production and Quarters Platform (PQP). The processed condensate was successfully delivered to a floating storage unit.

The Bien Dong 1 gas project in deep-sea offshore Vietnam is a 25-year project to yield 25,000 barrels of gas condensate and 8.5 million cubic metres of gas per day. The gas will be transported to the shore along the Nam Con Son pipeline.

In April 2012, Gazprom International was instructed by its parent company Gazprom to join the project to develop blocks 05-2 and 05-3, and in October 2013 industrial production began at the Moc Tinh field.