Russian-Vietnamese Company Launches New Oil Platform

Russian-Vietnamese oil and gas joint venture Vietsovpetro held a ceremony in the southern province of Ba Ria – Vung Tau on Friday to welcome the first flow of oil it pumped up from Ca Tam field, reports.

Built in March 2018, the CTC1-WHP oilrig is the most important component in Ca Tam oil field development project in Lot 09-3/12 operated by Vietsovpetro under a production sharing contract signed with the Vietnam Oil and Gas Group (PetroVietnam), the PetroVietnam Exploration Production Corporation (PVEP), and Bitexco Group.

On January 25, the oil rig pumped up the first flow with a total capacity of 1,630 tons per day, local media reported.

On February 10, Vietsovpetro put the first well CT-101 into operation. As planned, it will launch additional six wells this year, raising the total yearly capacity to 766,000 tons.

The oil field is close to Vietnam’s largest oil field named Bach Ho also run by Vietsovpetro. The oil field is located outside the “Nine-Dash Line”, a region which is part of the South China Sea and also claimed by China. The daily yields are estimated at 230 barrels.

Vietnam’s Vietsovpetro owns a 55 percent stake in the field along with PVEP at 30 percent and Bitexco Group, Vietnam’s real estate holds 15 percent stake. As per media reports, this oil field is the first new site of Vietnam discovered after a long period of time.

Vietsovpetro said it will step up oil and gas exploration and exploitation in the Cuu Long field in the near future. The government hopes the venture will contribute to safeguarding Vietnam’s sovereignty and economic interests on the continental shelf and territorial waters.