The Second Biggest Petroleum Producer and Leading Operator in Viet Nam

News2013-03-29 10:34:18

2012 – A highly successful year for Hoang Long & Hoan Vu JOC’s

HLHVJOC’s take great pride in their contribution to the success of Vietnam’s Petroleum Industry in 2012, especially in exceeding production targets and in their contribution to the National budget. These are impressive achievements in the current difficult global economic situation.

 

  •            HLHVJOC’s exceeded all assigned targets in Safety, Drilling, Production, Cost Savings and Revenue increasing; all this was achieved without any lost time incidents.
  •            Ca Ngu Vang (CNV) Field’s production achieved 116% of target, and Te Giac Trang (TGT) Field’s production was 122%, operational up-time for the total production system was 99.9%; cost savings versus budget realised 12% (US$ 45.7 Million), and added revenue was US$ 330 Million.
  •             A major milestone was achieved on 06th July 2012 when the H4-WHP on TGT Field came ontream 37 days ahead of the assigned targets set by the Block 16.1 Management Committee, and 11.5 months ahead the approved Plan of the Ministry of Trade and Industry. Since then TGT and CNV Fields have maintained stable production rates of 60,000-62,000 barrels of oil per day.
  •            HLHVJOC’s initiated successfully two technical proposals: Tie In of the adjoining HST/HSD Fields to TGT Field (Saving Vietnam US$480 Million) and Replacement of Slickline Retrievable Plug by Block Valves on horizontal Xmas Trees (Saving US $2.5 Million).

2012 also marked a critical milestone for HLHVJOC’s when they became the second largest Oil and Gas Producer in Viet Nam.

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