Online

See all articles

PVEP takes reins at Vietnam fields

Local company steps up as operator after Petronas' exit from two producing blocks

PetroVietnam Exploration & Production (PVEP) has been appointed as the operator of the Ruby and Pearl producing oilfields off south-east Vietnam, replacing Petronas.

Petronas had been the operator for many years, but handed back Blocks 01 and 02 in the Cuu Long basin to the government after the production sharing contract expired on 9 September 2017.

PVEP has set up a new company with qualified and experienced personnel to manage the two oilfields safely and smoothly, reported Viet Nam News.

In the last month, the two fields have produced an estimated 360,000 barrels of oil.

Petronas retains Blocks 102 and 106 in the Song Hong basin off north-east Vietnam.