Vietnam's PV Drilling Shelves Fleet Expansion, Waits on Market Recovery
Meantime, PVD VI is preparing to commence mobilization within weeks for a contract with PVEP POC, a unit of PetroVietnam Exploration and Production Corp. (PVEP).
The contract is pegged to one firm year charter plus an extension option for a second year.
PVEP Tweaks Operations in Response to Low Oil Price
PVEP POC is understood to have rescheduled its drilling program for PVD VI in view of the oil price environment.
While drilling budgets have been cut, Dung said field operators are putting more into exploration wells, with the aim of moving new discoveries into field developments by the time oil price recovers.
Meanwhile, marginal field developments – typically those with narrower margins between cost and revenue from recovery – have been shelved in Vietnam.
Gas projects have also taken precedent over oil developments amid unfavorable oil price movements as PetroVietnam seeks to bridge an emerging gas supply gap in the Southeast Asian country.
PV Drilling will be well-placed to supply a drilling floater for the proposed development of the trillion-cubic-feet ExxonMobil Corp.-operated Ca Voi Xanh, or Blue Whale, gas discovery off Central Vietnam.
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