Thailand
Cambodia: Good news for oil and gas exploration
More positive news has come for Cambodia’s nascent and struggling oil and gas exploration endeavours.
PetroVietnam Drilling & Well Service Corp (PV Drilling)’s rig PV Drilling III will implement its contract to drill five new wells for Kris Energy in the Kingdom’s waters for three months, starting in October, vietnamplus.vn reports.
Cambodia’s oil and gas industry was given another boost after KrisEnergy released a statement stating that construction of the minimum facilities wellhead platform (“mini-platform”) for the Apsara oil development offshore Cambodia Block A is completed and the topsides and jacket are being transported to Cambodian waters in the Gulf of Thailand for installation.
Meanwhile, the rig PV Drilling II will start a 100-day drilling campaign in Vietnam this month, according to the corporation.
It said from August, 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 2021, 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 $137.5 million. While, its post-tax profit reached $3.67 million, higher than that of $951106 in the first six months of last year.
vietnamplus.vn