MoU signing between PVEP and Schlumberger Limited

MoU signing between PVEP and Schlumberger Limited - 

In Hanoi, PetroVietnam Exploration Production Corporation (PVEP) has signed a Memorandum of understanding (MoU) on technical alliance with Schlumberger Limited.

The MoU signing Ceremony

According to the MoU, PVEP and Schlumberger Limited will cooperate to accelerate oil production at the being exploited, develop the new projects and exploit the assets of PVEP outside Vietnam. Schlumberger Limited will provide PVEP with capital, technology and support PVEP in implementing approved projects on the bilateral interest basis.

The two sides expect to hold a summit meeting for assigning the members of a Regulating Committee and coming to approve lot 05-1 (a) project as an approved potential one. Coming time, the leaders of the sides will make fieldwork for the project and agree the key terms of the contract. The first official contract expects to be signed at the end of 2016.

On its side, the Schlumberger would like to seek opportunities for long-term cooperation with PVEP in developing several projects as: Kinh Ngu Trang (White Whale), Kinh Ngu Trang Nam (Southern White Whale – 09-2/09 Lots), Kinh Ngu Vang (Yellow Whale – 01/10/& 02/10 lots), recoveries and gas field next to 46/13 lot…to put forward the measures, technologies for optimizing costs and increasing exploitative efficiency in the situation of prolonged deep falling oil prices as currently. Schlumberger can support PVEP in effort to accelerate exploitive efficiency and enhance competition in developing new reserves at 05-1 lot and Dai Hung (Great Tiger) field as well.

Schlumberger Limited founded in 1926 is the world’s largest oilfield services company. Schlumberger employs over 95,000 staffs working in more than 85 countries. Schlumberger has 125 technological resrach centers over the world.

In 2015, the total value of Schlumberger assets waUS$ 68 billion, turnover - US$ 35.5 billion and benefit - US$ 2.072 billion.

Schlumberger is present in the services market parts of oil & gas exploration and exploitation. Schlumberger manages its activities thorough 03 key services subgroups based on the deep special technological foundations as Containing layer property, Drilling and Exploitation. The 04 main markets of Schlumberger are: North America, Latin America, Europe/the former Soviet Union countries/Africa, Middle East and Asia.

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