The US$20 million joint venture is the first specialised oil drilling services company in Vietnam.

A representative of the newly founded company said the establishment of this joint venture will help reduce costs and promote oil and gas exploration in Vietnam.

Before the joint venture’s establishment, Baker Hughes and PVD have effectively cooperated in offering oil-drilling services for other enterprises in Vietnam.

PVD, under the National Oil and Gas Group (PetroVietnam), with a charter capital of US$109.5 million, will be involved in providing drilling services and other related services in the oil and gas field.

Baker Hughes Co. is a well-known oil and gas service provider with branches in over 90 countries around the world.