The project is operated by Groupement Bir Seba (GBRS), a joint venture company established by the three partners under the production-sharing contract for the development and production phase. The ownership structure comprises 40% for PVEP, 25% for Sonatrach, and 35% for PTTEP.

From March 9-12, the Vietnamese Embassy in Algeria sent a delegation led by Ambassador Tran Quoc Khanh to visit the project site. The delegation met with GBRS’s general director, Vietnamese engineers and staff working at the project, as well as local authorities.

During the meetings, Algerian partners hailed the contributions by Vietnamese leaders, engineers, and staff to the project's success since its inception. Meanwhile, Vietnamese engineers acknowledged certain challenges, including policy-related difficulties from their partners. However, they affirmed their commitment to achieving project targets and continuously striving for success, ultimately generating greater economic benefits for Vietnam.

To date, this remains the most successful overseas investment project of the Vietnam Oil and Gas Group (PVN). In 2023, the project operated safely and efficiently, surpassing the production target approved by the management committee by 8%.

The average daily production reached 15,331 barrels, totaling approximately 5.61 million barrels for the year. Since the first oil extraction in 2015, the total output is estimated at nearly 57 million barrels by the end of 2024. In early 2024, daily production increased to 17,000-17,500 barrels.

Notably, in 2023, with key contributions from PVEP engineers, the project successfully carried out a comprehensive plant overhaul and pressure testing of equipment after ten years of operation.

The repairs were completed ten days ahead of schedule, contributing an additional 165,000 barrels of oil and generating an estimated US$11.55 million in revenue. Currently, phase 2 development is underway, with a focus on connecting and putting wells BRS-27, BRS-31, and BRS-28 into early production. Drilling activities, research, and technical innovations are also progressing, optimizing costs and enhancing economic efficiency.

Moving forward, PVEP will continue working with its partners to accelerate new contract packages, connect wells in phase 2 to increase production, and explore new potential blocks to expand its operations in Algeria.

Ambassador Tran Quoc Khanh praised the project's achievements, noting that it not only brings direct economic benefits to Vietnam but also promotes Vietnam-Algeria relations as well as Vietnam’s international image. He urged Algerian authorities and partners to facilitate Vietnamese experts in future projects and jointly resolve challenges in project implementation. Discussions also covered expanding oil and gas cooperation based on the project's success.

On this occasion, the Vietnamese diplomat applauded the outstanding contributions of Vietnamese engineers and staff, encouraging PVEP to further explore new cooperation agreements with Algerian partners.

He affirmed that the Vietnamese Embassy in Algeria will provide full support, particularly in political matters, to help Vietnamese engineers and staff continue their work with confidence.

Algeria is among Africa’s top three oil-producing nations, with estimated reserves of approximately 5.7 billion tons (equivalent to 38 billion barrels) and a daily production of nearly 180,000 tons (1.2 million barrels). The country ranks 12th globally in oil production and 9th in exports.

Algeria seeks Vietnamese investment, business partnerships

The Vietnam Trade Office in Algeria conducted a working visit to Ghardaia province from February 22 to 25 to promote trade and investment between the two countries.