On 10 October, 2023, the jack-up PV DRILLING I rig from Petrovietnam Drilling and Well Service Corporation (PV Drilling) started to perform the drilling program for Northern Gulf Petroleum Pte. Ltd (NGP) at Block G6/48, Rossukon Conventional Oil Field, Gulf of Thailand.
The drilling contract between PV Drilling and NGP was officially signed on 1 June, 2023 with the duration of 60 days. After completing the drilling campaigns for Thang Long, Vietsovpetro in Vietnam, on 2 October, 2023 PV Drilling pulled PV DRILLING I rig from Vietnam offshore water to transfer to NGP, marking another milestone that PV Drilling Corporation and PV DRILLING I rig returned to Thailand drilling market. Previously, in October 2017, PV Drilling used to sign the contract for the provision of PV DRILLING I for client’s drilling program at Block G10/48, Gulf of Thailand.
The jack-up PV DRILLING I rig.
NGP plans to use the jack-up PV DRILLING I rig to drill in slimhole wells so that they can shorten drilling time and reduce operation costs. This drilling technology has been applied by drilling contractors in the Gulf of Thailand for over 30 years.
In the context that the drilling market started to recover and was ready to boost, many drilling programs both domestically and internationally continued to be implemented short-term. After completing the short-term contract in Thailand, PV DRILLING I will move to Malaysia for a one-year drilling contract. In 2024, all of four jack-up rigs and one TAD rig from PV Drilling will be sent to overseas markets to supply drilling services.
In accordance with the report that the US Energy Information Administration (EIA) published in 9/2023, the crude oil price on average in 2023 is forecast to reach 84 USD/barrel and will increase to 88 USD/barrel for 2024. This is a significantly clear signal of recovery for the global oil and gas drilling industry. It also opens new opportunities for PV Drilling to be well-prepared for internal resources, ready to serve for long-term drilling campaigns with attractive day rates, promptly participate to the race of boosting energy demand in the upcoming time.
PV Drilling’s business performance within 9 first months of 2023 achieved many positive results, mainly resulting from the continuous operation of the rig fleet with efficiency reaching 3.9 rigs compared to 3.3 rigs of the same period; in the meanwhile, day rate also increasing 36% compared to the same period. At 2023 Annual General Meeting of the Shareholders, PV Drilling’s management committed to make the best effort to preserve and expand the capital, maintaining PV Drilling’s sustainable growth and bringing maximum benefits to our esteemed shareholders. Up to present, with the recent efforts and achievements, we can definitely conclude that 2023 is the “hinge year” for PV Drilling to accelerate and achieve more results for the next period.
PV Drilling's PR Team.