PVEP has officially taken over the management of the oil fields 01 and 02

PVEP has officially taken over the management of the oil  fields 01 and 02 - 

On October 09, 2017 in Ho Chi Minh city, Petrovietnam (PVN) and Petrovietnam Exploration Production Corporation (PVEP) signed an agreement on leasing operation for the petroleum fields 01 and 02. This event confirms that the project management ability of PVEP has reached the international level.

Representatives of PVN and PVEP at the signing Cerymony

Previously, PVEP already set up the Project Management Board with the capable and experienced staffs.

With a sense of high responsibility, for more than a month of temporary running, the project management board guaranteed absolutely safe operating and exploiting the fields 01&02 with an oil output of 360,000 barrels valued US$ 20.52 million.

Previously, on Sept. 09, 2017 the contractors of the production sharing contract (PSC) of fields 01&02 signed agreement to hand over assets and petroleum activities for PVN. The agreement entered into force on the day of the close of contract at 23:59 hours on Sept. 09, 2017.

The PSC of the fields 01&02 was signed on Sept. 09, 1991 and entered into force on Sept. 10, 1991. The PSC contractors including Petronas Carigali (PCVL) – a subsidiary of Malaysia National Petroleum Corporation (Petronas) with 85% of the shares and Petrovietnam Exploration Production Corporation (PVEP) with 15% of the shares.

Over 26 years of operation, the contractors have achieved some successes such as discovering and putting into exploitation the following fields: Ruby (1998), Pearl and Topaz (2010), Diamond and Brown Lion (2014); discovering Jade and Emeral structures but not putting yet them into exploitation.

Up to day, the total oil production exploited from these fields is about 116 million barrels. At present, the average oil production is 14,000 barrels per day.

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