CA TAM PROJECT GIVES THE FIRST OIL

19/02/2019

At 07:30 a.m on January 25th 2019, CTC1-WHP Producing Platform of Ca Tam Field, Block 09 / 3-12 off Vietnam gave the First Oil with initial output of 1,630 tons / day / night. This is a project by a group of contractors including: Vietnam - Russia Joint Venture Vietsovpetro (VSP), PetroVietnam Exploration Production Corporation (PVEP) and Bitexco Group as the investor.

CTC-1 Producing Platform, Ca Tam Field

This event marks an important success and is a good result of the efforts and spirit of cooperation and development between VSP, PVEP and BITEXCO. After putting into operation 3 tie-back wells, the project will conduct drilling 7 wells continuouslyl in 2019 with an average production output of 16 thousand barrels / day in 2019 and will reach the peak of about 23,000 barrels / day in 2020.

Block 09-3/12 is operated by Vietsovpetro as the operator under the Production Sharing Contract signed on September 12th 2012 between Vietnam Oil and Gas Group and the three contractors Vietsovpetro (55%), PVEP (30%) and Bitexco (15%), the total area of ​​nearly 6,000 km2, sea depth of 15 to 60 meters, in Cuu Long basin, located far from Vung Tau City. The CTC1-WHP Rig is connected to the technical infrastructure system of Vietsovpetro in Block 09-1 in order to take advantage of Vietsovpetro's existing marine infrastructure. According to the calculated results, the production of Ca Tam field will be economically effective until the end of 2032, contributing significantly to the State budget revenue and significant profit for Vietsovpetro, PVEP and BITEXCO.

The project of Ca Tam field was officially put into operation in accordance with the plan, after 18 months from the time the field development plan was approved (July 2017). This is the great determination of the Contractor Group Vietsovpetro - PVEP - Bitexco despite unfavorable weather conditions and facing many shortcomings, especially in the financial mechanism which affected by the crisis of oil price decline. The project has been implemented urgently, ensuring quality, and strictly controlled costs on each work item. The oil flow from Ca Tam field will contribute greatly to the completion of the plan of production in 2019 of PVEP in particular as well as Vietnam Oil and Gas Group in general.

This success has been attributed to the close attention and timely guidance and encouragement of the leaders of the PVN, PVEP and the project participants as well as the close coordination between PVEP's functional divisions and Vietsovpetro's relevant department to ensure progress and optimization of drilling, transportation and installation plans, along with good collaboration between the Operator and service contractors.

This good news comes right in the beginning of the new year 2019 and before the Lunar New Year which will be a great motivation and belief for the employees of PVEP to strive to successfully complete the tasks and business plans of 2019 - a pivotal year to fulfill the development goals for the period 2016-2020 and the following years.

 

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