The Viet Nam-Russia oil and gas joint venture Vietsovpetro has recently sent a proposal to the Viet Nam Oil and Gas Group (Petrovietnam) regarding the expansion of its operating area.

Specifically, Vietsovpetro proposed Petrovietnam accelerate development plans for Blocks 09-2/09, 16-1/15, and 09-2/10, and ask the relevant authorities to approve Vietsovpetro's involvement in potential projects such as Blocks 17 and 05-2/10, while adopting Vietsovpetro's investment plans for new blocks.

Vietsovpetro General Director Vu Mai Khanh said Vietsovpetro was encountering challenges in mobilising floating systems and drilling rigs due to the scarcity and high rental costs, which were hindering its expansion plans and activities.

To overcome these challenges, Vietsovpetro had proposed geological and technical solutions, including increasing reserves, optimising drilling and production operations, ensuring timely completion of key construction projects, enhancing internal capabilities, maintaining a competitive edge in service supply, particularly in the renewable energy sector. It also aimed to expand cooperation and leverage external factors to develop and expand other services, he said.

Petrovietnam General Director Le Manh Hung asked member units to work closely with Vietsovpetro to review the management system and propose more decentralisation to uphold the responsibility of the joint venture's leader.

He also urged Vietsovpetro to partner with Petrovietnam Technical Services Corporation (PTSC) to develop a plan for flexible and efficient resource sharing. This would include prioritising the use of services from units within Petrovietnam's ecosystem to increase the proportion of internal industry revenue and allocate resources to upcoming key projects such as Block B and offshore wind power. — VNS