On 06/07/2015, in Vungtau, the Cooperation Agreement for Block B Field Development Project was signed between three companies - Vietsovpetro (VSP), the Petrovienam Construction Corporation (PVC) and Petrovietnam Engineering Company (PVE).
Block B Field Development Project is amongst the key projects of Petrovietnam. Before 2015, this project was under investment and management of an American oil company Chevron. Since 2015, Petrovietnam has taken over Chevron's share and restarted its field development. Previously, Chevron built a Three-phase Development Plan, with Phase 1 comprising of a central processing platform (CPP), a living quarter platform (LQ), a flare boom with connecting bridges, 05 WHP, infield pipelines and a FSO. In phase 2 and 3, it is expected that over 40 WHPs will be constructed, promising a significant volume of gas for the nation. Block B Project is also perceived as a symbol of Vietnamese maritime sovereignty.
At the signing ceremony, the representatives of VSP, PVC and PVE highly appreciated the cooperation of the three companies in the past time, and placed their emphasis on the significance of cooperation in future projects. This cooperation has great importance in opening new prospects for the parties, showing mutual committment, maximising each party's capabilities and existing resources, in order to participate in large projects and offer competitive prices with added value of local expertise. In the context of budget cut in all projects due to crude oil price fall, this multilateral cooperation is at the same time an opportunity and a challenge for the parties. Therefore, the parties need to prepare and re-evaluate their human resources, equipment and facilities in order to successfully perform the project and satisfy the three criteria including quality, schedule, and effective costs. These criteria are the basic foundation for the multilateral cooperation of the three companies not only for projects in Vietnam but also abroad.
Phạm Thị Thu Trang