First oil from Ca Tam field: Common joy of the whole country

TIN LIÊN QUAN
	Vietnam-Russia joint venture welcomes first oil flow from Ca Tam field
	Deputy PM vows to facilitate Vietnam-Russia oil-gas cooperation

In the afternoon of 8th March 2019, in Vung Tau city, Vietsovpetro held the "Ceremony to welcome the first oil from Ca Tam field" Block 09-3/12.

Attending the ceremony on behalf of leaders from the ministries and central agencies were Mr. Bui Minh Chau - Member of the Party Central Committee, Secretary of the Provincial Party Committee, Chairman of Phu Tho Provincial People's Committee; Mr. Le Quoc Phong - alternate member of the Party Central Committee, First Secretary of the Central Committee of Ho Chi Minh Communist Youth Union; Mr. Ho Sy Hung - Vice Chairman of the Committee for Management of State Capital; Mr. Dang Hoang An - Deputy Minister of Industry and Trade; Mr. Pham Tan Cong - Deputy Secretary of the Party Committee of Central Business Sector; Mr. Nguyen Thanh Long - Standing Vice Chairman of Ba Ria Vung Tau People's Committee.

Vietsovpetro General Director Nguyen Quynh Lam delivered speech at the ceremony.

Petrovietnam was represented by Mr. Tran Sy Thanh - Member of the Party Central Committee, the Party Secretary, Chairman of the Board of Directors; Mr. Nguyen Vu Truong Son – President & CEO and members of the Party Committee, members of the Board of Directors, Vice President of Petrovietnam; representatives of the Divisions/ Administration Office of the Group.

This important event was also attended by leaders of PetroVietnam Exploration and Production Corporation (PVEP); Bixtexco; Vietsovpetro and members of the Party Committee, the Board of Directors, leaders of social and political organizations, leaders of Vietsovpetro over the periods; Chairman of Vietnam Oil and Gas Association Ngo Thuong San, former General Director of Vietsovpetro; leaders of the departments of the executive apparatus, Vietsovpetro's member units.

Delivering the opening speech at the ceremony, Vietsovpetro General Director Nguyen Quynh Lam reviewed the project implementation process. CTC1-WHP exploitation rig was started in March 2018 and is the most important item in the project for development of Ca Tam field under Block 09-3/12. Vietsovpetro acts as the operator of Block 09-3/12 according to the petroleum product sharing contract signed in 2012 between PVN and three contractors Vietsovpetro, PVEP and Bitexco with 55%, 30% and 15% respectively.

CTC1-WHP rig is connected to the technical infrastructure system of Vietsovpetro at Block 09-1 in order to make use of the available infrastructures of Vietsovpetro, bringing maximum efficiency to the contractors.

On 25 January, CTC1-WHP rig of Ca Tam field, Block 09/3-12 produced the first oil with an initial output of 1,630 tons per day.

In parallel with construction work, Vietsovpetro finished the connection and completion of exploration/appraisal wells to timely put them into operation from the first oil time. After that, Vietsovpetro continued the construction of next wells, completed on 10th February 2019 and put the first well exploiting CT-101 into operation, making the average exploitation output from Ca Tam field of over 1,200 tons of oil per day. It is planned in 2019 to continue drilling and putting additional 6 wells into operation, the annual exploitation output is expected to reach 766,000 tons of oil.

So far, at Block 09-3/12, Vietsovpetro has also completed drilling and testing the reservoir of exploration wells CT-5X in 2018 and CT-6X on 25th February 2019, giving good results with the reserve increase estimated at 1.95 million tons of oil, bringing the total reserves of entire Ca Tam field to nearly 11 million tons of oil. The result allows the contractors to continue to build more oil wells in the future and is the premise to build the next exploration well CT-8X in 2019.

Mr. Tran Quoc Viet – PVEP General Director.

PVEP is one of three investors of Ca Tam Field Development Project; at the ceremony, Mr. Tran Quoc Viet – PVEP General Director said: In recent years, despite facing great difficulties due to the recession of oil price, with the responsibility of one partner participating 30% of project benefits, PVEP has tried and actively cooperated with Vietsovpetro – the operator, Bitexco – the partner to ensure that Ca Tam Field Development Project to receive the first oil on schedule.

This important event marked the success in a collaborative project with the symbolic meaning of close relationship – joint development. In terms of expertise, the success of the project also demonstrates the capacity, experience and thinking of Vietnamese experts when detecting D (non-traditional) objects with relatively large reserves.

Mr. Nguyen Vu Truong Son – Petrovietnam President and CEO delivered speech

Speaking at the ceremony, Mr. Nguyen Vu Truong Son – Petrovietnam President & CEO congratulated and acknowledged the efforts of the Contractors in implementing seriously the commitments in the Petroleum Product Sharing Contract of Block 09-3/12, especially Vietsovpetro has actively participated in the implementation of the project from the beginning and doing the duty of the operator with great effort and determination. The initial success of the project with this year’s output reaching ¾ million tons of oil will contribute significantly to PVN's business results in this year and the following years.

In the common joy, on behalf of Petrovietnam leaders, Mr. Nguyen Vu Truong Son thanked leaders of the Party, State, Boards, Ministries, Central Agencies and Ba Ria – Vung Tau Province for their attention, instruction, facilitating the development of the Group and its member units in the past time. He also wished to continue receiving the attention and support for the Group's activities, especially the core activities of oil exploration, production so as to continue to find, discover and put new oil and gas fields into operation such as Ca Tam field today.

Deputy Minister of Industry and Trade Dang Hoang An acknowledged, appreciated and commended the efforts of Vietsovpetro - PVEP - Bitexco contractors and Petrovietnam

At the ceremony, Deputy Minister of Industry and Trade Dang Hoang An acknowledged, appreciated and commended the efforts of Vietsovpetro – PVEP - Bitexco contractors and Petrovietnam. He also affirmed it was a joyous event not only for the contractors, Petrovietnam but also for the Ministries, Central Agencies and people nationwide. The receipt of the first oil from Ca Tam field has contributed to the increase of oil production output in 2019 of the Oil and Gas Industry of Vietnam.

Deputy Minister Dang Hoang An instructed Petrovietnam to continue promoting the oil and gas exploration and production at Cuu Long basin, with available infrastructure, the system of crude oil processing/ exporting and synchronous gas collection, as proper and consistent advocacy of the Party and the State, of economic importance, to ensure maintaining and early increasing the oil and gas production output, meet the demand for energy and ensure national energy security. Besides, the implementation of oil and gas exploration and production in these areas also contributes to affirming and protecting sovereignty as well as economic benefits on the continental shelf and territorial waters of Vietnam.

Also at the ceremony, representatives of Vietsovpetro, PVEP, Bitexco contractors and the partners signed agreements at Ca Tam field, Block 09-3/12 under the witness of the event participants, including: Agreement on providing the service to connect Ca Tam field under Block 09-3/12 with the oil fields of Block 09-1; Agreement on taking oil from Ca Tam field of Block 09-3/12 and Agreement on temporarily selling oil of Ca Tam Field, Block 09-3/12.

Representatives of Vietsovpetro, PVEP, Bitexco contractors and the partners signed agreements on Ca Tam field, Block 09-3/12

In the solemn atmosphere of the ceremony, the invited delegates opened valve to receive the first oil from Ca Tam field, a journey with many emotions to fully feel the sacred meaning of receiving the first oil from the deep ocean.

The delegates opened valve to receive the first oil from Ca Tam field

It is known that, according to calculation, the exploitation of Ca Tam field will bring economic efficiency until the end of 2032, provide significant contribution to the State budget and profit for Vietsovpetro, PVEP and Bitexco. For the first time, Bitexco - private enterprise of Vietnam participates as an investor, the success from Ca Tam field affirms the right policy in the strategy of socializing the oil and gas industry.

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