Oil production begins at Đại Hùng phase 3, as reported by Petrovietnam
🎉🎉🎉 Celebrating the First Commercial Oil Flow at Vietnam's Đại Hùng Oilfield! 🎉🎉🎉
Hey there! Let's dive into some exciting news from the energy sector in Vietnam. The state-owned oil and gas giant, PetroVietnam, has just announced the first commerical oil flow from the Phase 3 project of the Đại Hùng oilfield!
Hà Nội - The Resurrection of a Forgotten Oilfield
The celebration marks a significant milestone in Vietnam's domestic energy development. You might wonder, how did the Đại Hùng oilfield transform from a forgotten, economically unviable field to a symbol of revival and sustainable growth? Well, let's take a trip down memory lane.
In 2003, international contractors found the Đại Hùng oilfield too challenging due to low oil prices and technical difficulties. They wrote it off with a book value of just US$1! But fear not, as that's where PetroVietnam entered the picture.
Starting operations in October 2003, the group faced severe challenges but production steadily resumed from 2005. It soon reached an annual output of 2.6-2.8 million barrels. By 2024 alone, the project generated an impressive US$4 billion in revenue and contributed US$600 million in taxes.
The Dawn of Phase 3
Emboldened by past successes, PetroVietnam launched the Phase 3 project in 2022, and it's been a game-changer. The project is entirely executed using domestic resources, featuring a wellhead platform installed at a depth of over 110 metres. And guess what? The first commercial oil flow was recorded on May 7, a whopping 20 days ahead of schedule, at a rate of 6,000 barrels per day!
Future Prospects
The Đại Hùng oilfield has produced nearly 75 million barrels of oil so far, with a projected total revenue of VNĐ160 trillion (US$6.4 billion) by 2034, adding 76 million more barrels to PetroVietnam's cumulative output.
Đại Hùng oilfield. Việt Nam's stated-owned oil and gas group Petroour website on Friday has officially celebrated the first commercial oil flow from the Đại Hùng oilfield Phase 3 project. - Photo Petroour website
Moving forward, Deputy Prime Minister Bùi Thanh Sơn has urged PetroVietnam to accelerate innovation, invest in research and development, and enhance technology adoption to further optimize operations and efficiency.
So there you have it! The Đại Hùng oilfield Phase 3 project is a testament to Vietnam's capabilities in the energy sector. Keep an eye out for more updates, as this is just the beginning! 🌟🛢️🚀
- With the first commercial oil flow from the Đại Hùng oilfield Phase 3 project, Vietnam's PetroVietnam has demonstrated an impressive achievement in the energy sector, signaling a potential boost in revenue and taxes.
- The successful execution of the Phase 3 project, utilizing domestic resources and technology, showcases Vietnam's industrial advancements in the oil-and-gas industry.
- As PetroVietnam continues to steadily produce oil from the Đại Hùng oilfield and invest in research and development, the use of artificial intelligence (AI) in the energy sector becomes increasingly crucial to optimize operations and efficiency.
- To further capitalize on the success of the Đại Hu̥ng oilfield, Deputy Prime Minister Bùi Thanh Sơn suggests the allocation of more resources to research and innovation, and adopting cutting-edge technology within the industry.
- Amidst the ongoing challenge of global energy demands, increased tax revenues and domestic production from the Đại Hùng oilfield can contribute to Vietnam's economic stability and strategic energy independence.
