Logo of Phnom Penh Post newspaper Phnom Penh Post - PetroVietnam subsidiary set to drill in Cambodia starting next month

PetroVietnam subsidiary set to drill in Cambodia starting next month

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PV Drilling II will start a 100-day drilling campaign in Vietnam from this month. PV DRILLING

PetroVietnam subsidiary set to drill in Cambodia starting next month

Petrovietnam Drilling & Well Service Corp’s (PV Drilling’s) rig PV Drilling III will implement its contract to drill five new wells for Singapore-based KrisEnergy Ltd in Cambodia for three months, starting in October, vietnamplus.vn reported.

Meanwhile, the rig PV Drilling II will start a 100-day drilling campaign in Vietnam from this month, PV Drilling said.

From August, it said, the number of tenders for oil drilling this year in Vietnam as well as the Southeast Asian region have become scarce with 26 out of 61 jack-up rigs in the region unemployed.

PV Drilling also suffered the same difficulty when both rigs of PV Drilling II and PV Drilling III had to cease operations in Malaysia from July and June, respectively, significantly earlier than their contractual plan.

Therefore, PV Drilling will monitor the supply-demand situation in the market to seek new drilling contracts to meet business targets for this year approved at PV Drilling’s general meeting of shareholders.

PV Drilling believes that all of its jack-up rigs would have work next year. Of which, from the second quarter of next year, its rig PV Drilling V would start to carry out a long-term contract signed with Brunei Shell Petroleum (BSP).

The corporation reported that it gained year-on-year growth of 64 per cent in total revenue during the first six months of this year to 3.18 trillion dong ($137.5 million).

Meanwhile, its post-tax profit reached 85 billion dong, higher than that of 22 billion dong in the first six months of last year.

VIET NAM NEWS/ASIA NEWS NETWORK

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