PetroVietnam to boost crude oil production with additional drilling
The Vietnam Oil and Gas Group (PetroVietnam) will increase its drilling activities to produce an additional one million tonnes of crude oil in 2016, according to PetroVietnam General Director Nguyen Vu Truong Son.
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An additional four or five oil wells will be drilled in Su Tu Nau (Brown Lion) oil field in Block 15-1, Rong (Dragon) oil field in Block 09-1 and Te Giac Trang (White Rhino) oilfield in Block 16-1.
Along with optimising its operation to increase output from current wells, the Group will use an acid treatment process at the base of the oil wells to increase the recovery factor for oil and branch out Su Tu Trang (White Lion) phase 1 field.
Son said that PetroVietnam will work with its contractors in July to discuss measures to fulfill the targeted oil exploitation plan.
A sharp decrease in oil prices since 2014 has been a major hindrance for oilfield enlargement. Investors have had to halt the development of new oil fields and cut down the costs for oil drilling.
PetroVietnam said that there is a considerable fall in the number of oil and gas projects becoming operational in 2016, with only 58 new oil wells, including 31 domestic and 27 other wells in foreign countries. And so, it will be difficult to maintain this year’s crude oil output at 2015’s level.
