The 10 year plan 2001-2010 of Vietsovpetro is composed of two phases: 2001-2005 and 2006-2010
During this period, Vietsovpetro (VSP) continues to maintain its oil and gas production at a constant high level and keeps It's exploring activities going at the nearby areas with a view to expand its operation. Therefore, services performed by VSP during this time are essentially self-sufficient with the objective of supporting its production activities, namely drilling and basic construction. These services account for approximately 400 million USD out of the total services revenue of 596 million USD.
- Drilling services
During this period, with its own force, VSP is expected to drill 85 wells amounting to 307 million USD, of which 78 wells (272 million USD) serve VSP production program and 7 wells (35 million USD) take over tasks in PM-3 area. It is expected that foreign contractors will be appointed to perform drilling of 20 wells in satellite platform.
- Basic construction
Installation and processing activities amounts to 215 million USD, of which 130 million pertain to VSP constructions and 85 million USD are for external services.
External services include:
- Southwest gas pipelines amounting to 66 million USD and Lan Tay – Lan Do constructive support amounting to 5 million USD.
- Thailand UNOCAL pipelines and support (4 million)
- Rang Dong and White tiger gas pipeline system (10 million USD)
- Landing and loading service
This service is a regular activity serving crude oil exportation, assuring production safety as well as taking advantage of service vessels’ capacities to generate revenue in foreign currencies. The service depends on VSP oil production thus tends to gradually decrease till the phase ends. Expected revenue tops 20 million USD.
- Gas inland transport services
In addition using gas for exploration employing gazlift method, VSP continues to conduct the task of collecting and compressing gas for inland provision. As a result of the reduction in petroleum production, the level of service provided to customers has reduced accordingly. Revenues expected to flow from this service is 54 million USD.
- Investment plan
With the aim at accelerating services for petroleum production as well as expanding scope for service activities proposed for the period 2001-2005, VSP will invest hundreds millions USD to upgrade, renew and purchase equipments, transports and storages.
Moreover, VSP continues to apply quality management model according to standard ISO 9.000 in the field of marine transportation and mechanism.
In conclusion, beside the task of maintaining services for petroleum production activities, VSP strives to reach external services revenues in the period 2001-2005 of 194 million USD, doubling that of the period 1991-1999.
During this period, VSP will accelerate its services provision to external entities in the area of construction and well drilling after an upgrading and renewing of plants and equipments. This is a vital factor in maintaining the stability of VSP organization and apparatus. Major services that can be provided to external parties are:
Following the upgrade of manufacture field and marine installation, annual manufacturing and installing capacity can reach 10.000 metal structures. With this capacity, VSP can manufacture and install supports and uppers parts of at least 2 fixed drilling platform (50 million per each) or 1 fixed and 2 satellite drilling platform (7-10 million usd) per each satellite one.
- Pipeline installment
Crane vessel has ability to install submersible pipelines in the shallow are ( up to 50 meters), at an annual rate capacity of 35-40 km pipelines accounting for 15-20 million USD.
With the current capacity of 2 self-lift drilling platforms and 1 PPPU to be purchased, every year VSP can accept contracts for 6-7 wells in the shallow areas (above 50 meters) and 2-3 wells in the deep areas, the annual turnover is expected to reach 40-50 million USD.
With the aim of optimizing the current capacity, VSP will maximize its involvement in services activities in the area of construction, pipeline distribution and drilling. Revenues for the phrase is targeted to exceed that of this phrase 2001-2005 by about 30%, bringing it up to approximately 250 million USD