Page 48 - Oil&Gas-AustralAsia-2015-Issue-5
P. 48
V IETNAM
PV Drilling optimistic on Vietnam outlook
By Marie RYAN
The petroleum industry has helped Oil lost almost 60 per cent of its peak
Vietnam become one of the hottest value in 2014, leading to a significant “Possessing the competitive edges
investment destinations in Asia despite amount of exploration and production including its available supporting infra-
oil prices taking a hit this year and there projects suspended and terminated. structure, the track-proven operational
is still room for expansion according to In Southeast Asia, and respectively capability, the first-hand knowledge of
PV Drilling. in Vietnam, the decline of drilling domestic market insight, the company
In Southeast Asia, Vietnam has activity together with the birth boom of could offer clients with the best and
emerged as one of the most attractive new-built rigs have further aggravated cost-effective solution for their drilling
destinations for business investment the situation, causing huge impacts to operation. Under the current circum-
and development, becoming the lo- drilling contractors. stance, operational efficiency and cost
cation of choice for many prestigious HIS Enrgy’s current report estimates factors will be most concerned to all
economic organisations. a release of 83 new jack up rigs by operators when it comes to select a
The past year marked the most suc- end of 2015 and 57 more to kick in by contractor. Therefore, willingness to
cessful period to date for the company, 2016, despite the halted demand. The compromise the profit to share the cost
reporting excellent results of VND consequence of such redundancy took a impact with clients as well as maintain
20.88trn ($978m) in net revenue and significant toll on rig’s day-rate fixture, its premium service quality would be
VND 2.41trn ($107m), marking an ex- which has decreased by almost half in PV Drilling’s pragmatic approach to
emplary compound annual growth rate comparison to the apex of 2014. secure steady work for its rig fleet.”
of 38.5 per cent during the past five years. The current market conditions have
The total yield-to-date asset value also hurled all drilling contractors into the The first few preliminary oil and gas ex-
reached $1.2bn. In the domestic mar- toughest competition ever in the history plorations took place in the early 1960s.
ket, PV Drilling occupied a 70 per cent of this industry. Due to the paucity of necessary infra-
market share for providing drilling rigs In confronting these challenges, PV structure, manpower, and technology,
and well technical services for oil and Drilling said it would focus on the the industry had to depend heavily on
gas operators’ drilling campaigns. domestic market. outsourcing from foreign companies.
This year, however, came with a nebu- “In fact, there are about 25 appraisal-ex- Particularly in the oil and gas-drilling
lous outlook for the oil and gas industry ploration wells and 50 production wells field, until the 1990s, the whole market
when oil prices continuously dropped anticipated to be drilled in Vietnam was still a private playground of foreign
due to an imbalance of supply and during 2016 and such a workload shall drilling contractors.
demand on global scale. require 10-12 rigs on a frequent basis,”
the company said. PV Drilling was founded in 2001 with
the strategic mission to master the drill-
ing technology and promote the self-in-
dependence of the domestic oil and gas
industry so that Vietnam could take the
active role in moderating its exploration
and production activities.§
Rigs in Vietnam. Image courtesy of PV Drilling
A A46 OIL & GAS ustral SIA NOVEMBER/DECEMBER 2015 www.oilandgasaustralasia.com
PV Drilling optimistic on Vietnam outlook
By Marie RYAN
The petroleum industry has helped Oil lost almost 60 per cent of its peak
Vietnam become one of the hottest value in 2014, leading to a significant “Possessing the competitive edges
investment destinations in Asia despite amount of exploration and production including its available supporting infra-
oil prices taking a hit this year and there projects suspended and terminated. structure, the track-proven operational
is still room for expansion according to In Southeast Asia, and respectively capability, the first-hand knowledge of
PV Drilling. in Vietnam, the decline of drilling domestic market insight, the company
In Southeast Asia, Vietnam has activity together with the birth boom of could offer clients with the best and
emerged as one of the most attractive new-built rigs have further aggravated cost-effective solution for their drilling
destinations for business investment the situation, causing huge impacts to operation. Under the current circum-
and development, becoming the lo- drilling contractors. stance, operational efficiency and cost
cation of choice for many prestigious HIS Enrgy’s current report estimates factors will be most concerned to all
economic organisations. a release of 83 new jack up rigs by operators when it comes to select a
The past year marked the most suc- end of 2015 and 57 more to kick in by contractor. Therefore, willingness to
cessful period to date for the company, 2016, despite the halted demand. The compromise the profit to share the cost
reporting excellent results of VND consequence of such redundancy took a impact with clients as well as maintain
20.88trn ($978m) in net revenue and significant toll on rig’s day-rate fixture, its premium service quality would be
VND 2.41trn ($107m), marking an ex- which has decreased by almost half in PV Drilling’s pragmatic approach to
emplary compound annual growth rate comparison to the apex of 2014. secure steady work for its rig fleet.”
of 38.5 per cent during the past five years. The current market conditions have
The total yield-to-date asset value also hurled all drilling contractors into the The first few preliminary oil and gas ex-
reached $1.2bn. In the domestic mar- toughest competition ever in the history plorations took place in the early 1960s.
ket, PV Drilling occupied a 70 per cent of this industry. Due to the paucity of necessary infra-
market share for providing drilling rigs In confronting these challenges, PV structure, manpower, and technology,
and well technical services for oil and Drilling said it would focus on the the industry had to depend heavily on
gas operators’ drilling campaigns. domestic market. outsourcing from foreign companies.
This year, however, came with a nebu- “In fact, there are about 25 appraisal-ex- Particularly in the oil and gas-drilling
lous outlook for the oil and gas industry ploration wells and 50 production wells field, until the 1990s, the whole market
when oil prices continuously dropped anticipated to be drilled in Vietnam was still a private playground of foreign
due to an imbalance of supply and during 2016 and such a workload shall drilling contractors.
demand on global scale. require 10-12 rigs on a frequent basis,”
the company said. PV Drilling was founded in 2001 with
the strategic mission to master the drill-
ing technology and promote the self-in-
dependence of the domestic oil and gas
industry so that Vietnam could take the
active role in moderating its exploration
and production activities.§
Rigs in Vietnam. Image courtesy of PV Drilling
A A46 OIL & GAS ustral SIA NOVEMBER/DECEMBER 2015 www.oilandgasaustralasia.com
