PetroVietnam records 10 millionth oil barrel in Algeria
PetroVietnam records 10 millionth oil barrel in Algeria
PetroVietnam Exploration and Production Corporation (PVEP) on Monday recorded its 10 millionth oil barrel at Block 433a & 416b of the Bir Seba mine in the Sahara Desert, Algeria.
PVEP is a member of State-owned Oil and Gas Group (PetroVietnam).
The oil was exploited by Groupement Bir Seba (GBRS), a joint venture of PVEP and also the current operator of this project from commencement date August 12, 2015.
This is the first oil and gas exploitation project abroad in which PVEP is playing the role of an operator. It is in joint ventures with Algerian national oil company Sonatrach and Thailand Petroleum Company PTT.
The project was assigned to PetroVietnam and PVEP after they won in the international bidding process to become the operator during the exploration stage from 2003 to 2008.
To operate in the mine development and exploitation phase, PVEP formed joint ventures with its partners to set up Groupment Bir Seba (GBRS) under the Product Sharing Agreement (PSC).
This is also PetroVietnam’s first project related to drilling services abroad. PetroVietnam Drilling and Well Services Corporation (PV Drilling) has brought a number of drilling rigs to Bir Seba field and drilled dozens of wells at the field.
The Block 433a and 416b oil and gas exploration project is being implemented since 2003. The project is estimated to have total reserves of some one billion barrels of oil.
In the first phase, it is producing around 18,000 to 20,000 barrels of oil per day from 13 wells.
The second phase of the project is expected to be complete by 2019, increasing total capacity of the project to 40,000 barrels per day.
