PetroVietnam celebrates 60 years of traditional day

At the ceremony to launch a book on history of Vietnam’s oil and gas industry. (Photo: VNA)

The Vietnam Oil and Gas Group (PetroVietnam) organized a series of activities on November 24-25 to celebrate the 60th anniversary of the traditional day of the oil and gas industry (November 27, 1961 – November 27, 2021).

An online ceremony to welcome the first flow of oil extracted from BK-18A and BK-19 oil rigs was held by Vietnam-Russia oil and gas joint venture Vietsovpetro on November 24.

Other activities include a ceremony to celebrate the completion of production target ahead of schedule, and ceremonies to receive the certificate of the top 500 most profitable enterprises in Vietnam in 2021, announce the PetroVietnam brand name, launch a book on history of Vietnam’s oil and gas industry, and a handbook on PetroVietnam culture.

Previously, Vietsovpetro officially exploited the first flow of oil extracted from BK-18A oil rigs on November 10 and from BK-19 oil rig on November 13. These new generation unmanned mini oil rigs were designed by Vietsovpetro and constructed in Bach Ho oil field in Lot 09-1 in Vietnam’s continental shelf, about 125km southeast of Vung Tau city.

BK-18A was designed to exploit oil and gas from six wells with a total capacity of 1,360 tons. Meanwhile, BK-19 was built and put into use to maintain the total oil production of Vietsovpetro at 3 million tons as set by the 2021 plan.

At the ceremony to announce the PETROVIETNAM brand name. (Photo: VNA)

The successful construction the two oil rigs proves that Vietsovpetro has been very proactive and continues to be consistent in its direction of detailed researching optimal design solutions for developing small and marginal fields.

At the same time, through the synchronous implementation of items of these projects, Vietsovpetro also continues to affirm its capacity in implementing engineering procurement construction and installation (EPCI) projects in developing oil and gas fields in the continental shelf of Vietnam.

PetroVietnam General Director Le Manh Hung highly appreciated great efforts of Vietsovpetro in production and business activities in 2021.

Vietsovpetro’s main production targets have all exceeded the set plan, with oil and condensate production reaching over 3,16 million tons (equivalent to 105.4 percent of the plan), and oil and gas sales reaching nearly 1.6 billion USD (equal to 147.5 percent of the set goal). Vietsovpetro contributed over 866 million USD to the State budget, exceeding nearly 287 million USD and reaching 150 percent of the plan set for the year.

This is an impressive achievement of the venture in 2021, especially in the context of complicated developments of the COVID-19 pandemic.

Outstanding results from production and business activities are the basis for PetroVietnam to consecutively be honored in the Top 500 most profitable enterprises in Vietnam for many consecutive years. This year, PetroVietnam once again won the title, and it received the recognition at a ceremony on November 25.

At gas well 61, Vietnam has first discovered gas and condensate flows, opening a bright future for the country’s cause of industrialization and modernization. The gas well, the first found in March 1975 at the Tien Hai C structure in Dong Co commune, Tien Hai district, in the northern province of Thai Binh, created a foundation for Vietnam to enter into the promising gas sector.

Notably, also in Thai Binh, one of the cradles of the domestic oil and gas industry, PetroVietnam has announced its new brand identification – PETROVIETNAM, demonstrating the group’s efforts in grasping the world’s new trends and readiness to realize its new visions and missions.

On this occasion, a wide range of events have been held nationwide to celebrate the 60th founding anniversary of the sector, in line with COVID-19 prevention and control regulations. The group has been resolved to overcome difficulties and challenges to complete the dual goals of fighting the pandemic while maintaining production and business activities.

PetroVietnam reported that it has completed the target of 7.99 million tons of oil output set for this year, 42 days ahead of schedule. In the first ten months of this year, despite facing a lot of difficulties due to the COVID-19 outbreak which resulted in prolonged social distancing and disruption of the supply chain of supplies and equipment, the group in coordination with contractors has striven to achieve its target. The early completion of the oil production plan is a great effort of PetroVietnam in the context of a decline in natural output of existing oil and gas fields after a long period of exploitation and investment and problems arising relating to mechanisms in the development of new fields.

Thanks to the application of scientific and technological solutions to improve oil recovery, the group has reached the maximum exploitation output in terms of technical safety, taking advantage of market opportunities of rising oil prices to make the highest contribution to the State budget.

PetroVietnam contributed 75.4 trillion VND (3.3 billion USD) to the State budget in the first 10 months of 2021, exceeding 21 percent of the 2021 plan and up 23 percent over the same period last year.