27-Apr-2022 Intellasia |
PetroVietnam Drilling and Well Services Corporation (PV Drilling) plans to purchase more machines and equipment worth 315 billion VND (13.71 million USD) to maintain its services.
PV Drilling general director Nguyen Xuan Cuong said domestic drilling service suppliers have to face a fierce competition as Vietnam has yet to adopt a policy on the protection of local contractors, making it hard for them to offer services abroad.
Meanwhile, the capacity of PV Drilling’s rigs has not been fully tapped, he said, explaining that oil and gas firms are cautious to carry out projects amid surging oil prices.
There will be no significant changes in exploration and exploitation programmes until the stability of oil prices is restored and the COVID-19 pandemic brought under control, Cuong predicted.
Moreover, PV Drilling is not an exception to adverse impacts of the political conflict between Russia and Ukraine which has caused production costs to rise, affected material and equipment supply, and triggered inflation risks.
To surmount such difficulties, the corporation has taken concerted measures, including those aiming to ensure safety and quality of its services and lure domestic and foreign clients.
It has also kept a close watch on the macro-economy, the Russia-Ukraine conflict and market developments to take timely countermeasures, maintained connectivity with other members of the Vietnam National Oil and Gas Group (PetroVietnam) to utilise equipment and infrastructure, and boosted the development of services that are of its strength and the research of new services.
PV Drilling has considered expanding its overseas markets, targeting promising ones like Indonesia and the Middle East.
PetroVietnam general director Le Manh Hung said the group will invest must in exploration and exploitation in the time ahead, and asked PV Drilling to closely follow PetroVietnam’s programmes and plans, flexibly adopt to market changes, and improve its competitiveness./.
Category: Business, Vietnam
Article source: https://www.intellasia.net/drilling-company-to-spend-13-71-million-usd-into-new-equipment-1045087