Vietnam firm completes US$100mn oil rig contract for Total affiliate PVN promotes overseas oil and gas exploration Seminar discusses challenges for oil
The oil flow is from the 433a and 416b lots of Bir Sebaar (BRS) oil exploration project, jointly run by PVEP in a venture with Algeria’s SONATRACH and Thailand’s PTTEP.
The Vietnamese firm holds a 40 percent stake in the consortium, called Groupment Bir Seba (GBRS), whereas the respective shares of the Algerian and Thai partners are 25 percent and 35 percent.
In the coming weeks, the GBRS will start exploiting the remaining three oil wells, namely BRS-9, BRS12 and BRS14, to increase the capacity to 20,000 barrels a day.
This is the first successful overseas project of PVEP and PVN, where they participated in international competitive bidding and exploration.
