Petro Vietnam signs joint venture with Singapore Company

On February 8, Petro Vietnam, an oil and gas company of Vietnam, signed an agreement with a Singapore Company to set up a joint venture company to construct oil rigs.

As per the contract, the Oil and Gas Drilling Joint Stock Company--PV Drilling, a member of Petro Vietnam and the Falcon Energy Group of Singapore will establish the Overseas PVD Joint Venture Company to build a new generation jack-up rig, expected to be in operation by end of 2013.

Previously, on February 4, P.V.P, a joint venture between two PVN affiliates, Petro Vietnam Technical Services Corporation and Petro Vietnam Construction Joint Stock Corporation, co-operated with Vietnam Waterway Construction Corporation to sub-contract a dredging project for UK’s Boskalis International BV.

White Tiger rig of Vietsovpetro, a foreign joint venture, is the most successful in Vietnam (Photo: SGGP)

The 20-month project will dredge downstream sections of the Nghi Son Refinery Port.

Four days later, PV Drilling, another PVN member, signed a contract with Singapore-based Falcon Energy Group Limited to build a new version of the jack-up oil rig that is expected to be complete by the end of this year.

Petro Vietnam intends to increase international co-operation in coming years and focus on foreign investment and export of technical services. In doing so, the group will reinforce a trend set over the last few years.

Up to now, Petro Vietnam has signed 49 investment co-operation agreements and implemented 22 contracts in 13 countries including exploration of the Nhenhexky oil field in Russia, the Giunin 2 oil field in Venezuela and a hydropower project in Luang Prabang in Laos.

Since 2007, Petro Vietnam has been extracting oil from the Nhenhexky oil field as well as from the SK 305 lot in Malaysia.

Petro Vietnam will soon get crude from four other fields--Nam Rong-Doi Moi and Pearl in Vietnam, and D30 and Dana in Malaysia.

“In coming times, with a target of speeding up development and restructuring, Petro Vietnam will increase co-operation with foreign partners to start potential projects,” said Do Van Hau, director general of Petro Vietnam in an interview with Saigon Giai Phong newspaper.

At present, Petro Vietnam has 40 co-operation projects-- the Nam Con Son 2 gas pipeline; the Thai Binh 2, Hua Na and Nhon Trach 1 thermal power plants; the Phuoc An Port; and the Dung Quat Shipyard among them.

Translated by Dan

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