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$65m Dai Hung oilfield contract signed
An engineering, procurement, construction and installation contract for an oil rig in the Dai Hung (Big Bear) oil field was signed between Viet-sopetro (VSP) and the Dai Hung PetroVietnam Exploration and Production Corporation (PVEP Dai Hung) in Ha Noi on Monday.
Under the US$65 million contract, the VSP, a joint venture between Petro-Vietnam and Zarub-ezhneft of Russia, will design structures, procure the necessary materials and undertake construction and transportation of the WHP-DH2 oil rig off the country's southern coast.
The contract includes upgrades to the FPU-DH1 oil rig, which is also located in the Dai Hung oil field, and construction of the new WPH-DH2 derrick in Plot 05-1 (a) in the offshore Nam Con Son oil field.
It is expected that the two parties will start drilling in the oil fields next year with anticipated production capacity of 18,000 barrels per day.
According to the Dai Hung PetroVietnam Exploration and Production Corporation, the project will affirm PVEP's capabilities in oil exploration and contribute to the country's energy security.
The project will also represent an opportunity for Vietnamese contractors to prove their ability to construct off shore oil rigs in Viet Nam, which in the past depended primarily on foreign contractors.
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