With the 15% contribution in the exploitation of the CTC1 drilling drug of the Sturgeon field of Lot 09/3-12, Bitexco Group becomes the first private enterprise of Vietnam made success in oil & gas exploitation sector.
At 07:30am 25/01/2019, the drilling drug CTC1-WHP of the Sturgeon field of Lot 09/3-12 offshore Vietnam generated the first oil with initial output of 1,630 tons/day/night. This is the project invested by the co-contractor consisted of: Vietsovpetrol JV (VSP), PetroVietnam Exploration Production Corporation (PVEP) and Bitexco Group.
After exploitation of 3 tie-back wells, the project would constantly drill 07 tie-back wells in 2019 with the expected average output of 16,000 oil barrels/day in 2019 and reach approximately 23,000 oil barrels/day in 2020.
Block 09-3/12 located on 6,000 km2 area, 15-60m sea water depth, Cuu Long downwarping, is the returned area of the JV VRJ since 2009. It is 160km away from Vung Tau City on the South East, much closes to oil fields Dragon, White Bear, White Tiger which are under exploitation of Vietsovpetro (about 15-20 km). The CTC1-WHP drilling drug is connected with the technical infrastructure of Vietsovpetro at Block 09-1 to take salvage of Vietsovpetro’s available infrastructure on water to bring more profit for the co-contractor.
As per calculation, the Sturgeon field exploitation would reveal economic efficiency until 2032 and contribute over 1 billion USD to the State budget. This field is expected to benefit roughly 238 million USD for Vietsovpetro, 130 million USD for PVEP and 65 million USD for Bitexco. The Sturgeon field exploitation in line with the plan, after 18 months from the approval time for the Sturgeon development plan in July 2017 reveals major determination of the co-contractor in unfavorable weather condition and difficult context, especially the financial mechanism affected by the oil price depression crisis over a long time. The project is executed promptly, quality demanded, cost controlled on each and every item of work.
The success of the Surgeon is an important milestone and becomes the leverage to the oil & gas searching, exploration and exploitation. Its success also defines a special significant for the first time a Vietnamese private enterprise, Bitexco, invested into the oil & gas sector with the investor role.
The cooperation efforts of multi-parties at the same time mark a new improvement in the oil & gas sector. The success of the Sturgeon, with the participation of Bitexco, can create a new turning-point in oil & gas exploitation in Vietnam with full participation of economic components. Its success, besides, confirms the strengthening of oil & gas exploration and exploitation in Cuu Long downwarping using available infrastructures: treatment system, rude oil export and gas collection, to retain and soon increase the oil & gas exploration output to meet with the power demand and guarantee the energy security of the nation. The oil & gas exploration and exploitation in this area additionally defines and protects the sovereignty and economic benefits on the continental shelf and territorial waters of Vietnam.
With the vision to become the leading multi-sector private enterprise of Vietnam to expand its step to international market, Bitexco after 33 years of development is growing stronger and bigger. This event marks a strategic development of Bitexco investment and management. In the years to come, energy sectors, high-tech production, etc, and sector that reflect the era trends and key economic sectors of the country would be further focused by Bitexco based on its core values: culture and human cultural.
