Drilling company to spend 13.71 million USD into new equipment
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.
Hanoi (VNA) - PetroVietnam Drilling andWell Services Corporation (PV Drilling) plans to purchase more machinesand equipment worth 315 billion VND (13.71 million USD) to maintain itsservices.
PV Drilling General Director Nguyen Xuan Cuong said domesticdrilling service suppliers have to face a fierce competition as Vietnam has yetto adopt a policy on the protection of local contractors, making it hard forthem to offer services abroad.
Meanwhile, the capacity of PV Drilling’s rigs has notbeen fully tapped, he said, explaining that oil and gas firms are cautious toimplement projects amid surging oil prices.
There will be no significant changes in explorationand exploitation programmes until the stability of oil prices is restored andthe COVID-19 pandemic brought under control, Cuong predicted.
Moreover, PV Drilling is not an exception to adverseimpacts of the political conflict between Russia and Ukraine which has causedproduction costs to rise, affected material and equipment supply, and triggeredinflation risks.
To surmount such difficulties, the corporation has taken concerted measures, including those aiming to ensure safety and quality ofits 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 timelycountermeasures, maintained connectivity with other members of the VietnamNational Oil and Gas Group (PetroVietnam) to utilise equipment andinfrastructure, and boosted the development of services that are of its strengthand the research of new services.
PV Drilling has considered expanding its overseasmarkets, targeting promising ones like Indonesia and the Middle East.
PetroVietnam General Director Le Manh Hung said thegroup will invest must in exploration and exploitation in the time ahead, andasked PV Drilling to closely follow PetroVietnam’s programmes and plans, flexiblyadopt to market changes, and improve its competitiveness. /.
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Illustrative image (Photo: PVD) 
