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2 clusters · 6 sources · 3 days · First seen 21 days ago · Last updated 19 days ago

Vietnam offshore oil and gas expansion

Overview

In late July 2026, Petroleum Vietnam Exploration Production (PVEP) announced a major offshore discovery at well RDM‑1X in Block 11‑2, adding roughly 242.5 billion cubic feet of gas to its reserves and pushing six‑month reserve growth to 1.58 million barrels of oil equivalent. The find was part of a broader drilling campaign that included several other successful wells and set the stage for continued exploration with plans for additional wells later in the year.

A few days later, PV Drilling received a newly built Super B‑Class self‑elevating rig and announced an EPCIC contract, together with the Vietnam‑Russia joint venture Vietsovpetro, to develop the Kinh Ngu Vang offshore field. The rig will be commissioned for commercial service in early 2027, while the contract covers installation of a wellhead platform, subsea pipelines, and power and fiber‑optic links. These steps underscore Vietnam’s push to expand offshore oil and gas production capacity and cement its partnership with international partners.

Entities

Petroleum Vietnam Exploration Production (PVEP) · Block 11-2 · Vietsovpetro · Kinh Ngu Vang offshore field · Keppel Fels Mod V “Super B-Class” rig

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 2 SOURCES] PV Drilling received ownership of a new self‑elevating drilling rig named PV DRILLING X on 28 July 2026 in Ho Chi Minh City.
[● 2 SOURCES] The rig is a Keppel Fels Mod V “Super B‑Class” design, ABS‑class, capable of drilling to 35 000 ft (≈10 668 m) and operating in water up to 350 ft (106 m).
[● 2 SOURCES] PV Drilling will restart phase 1 operations in Namibia within 45 days after handover to meet international classification requirements.
[● 2 SOURCES] The rig will be transported from Namibia to the PTSC port in Ho Chi Minh City by late October 2026, with full commissioning planned for Q2 2027.
[○ 1 SOURCE] PV Drilling reported Q1 2026 revenue of VND 3.401 trillion, up 126 % YoY, and net profit after tax of VND 300 billion, up 110 %.
[○ 1 SOURCE] PV Drilling obtained API Spec Q2 ‑ 2nd Edition certification for managing and operating offshore rigs.
[○ 1 SOURCE] PVEP‑HCM and Vietsovpetro signed an EPCIC contract on 28 July 2026 to develop the Kinh Ngu Vang offshore field (blocks 01/10 & 02/10).

Timeline

19 days ago

[BUSINESS] 5 sources
Vietnam's PV Drilling Secures New Super B-Class Rig, Signs EPCIC Deal for Kinh Ngu Vang
PV Drilling took ownership of a new Super B‑Class offshore rig on 28 July 2026, plans to move it from Namibia to Vietnam, and reported strong Q1 earnings; simultaneously, PVEP and Vietsovpetro signed an EPCIC合同
21 days ago

[BUSINESS] 2 sources
Vietnam's PVEP announces major offshore oil and gas discovery
Vietnam's PVEP reports a new offshore discovery at well RDM‑1X in Block 11‑2, adding 1.36 million barrels of oil‑equivalent and boosting six‑month reserves by 34 %.

Sources

baogiaothong.vn · cafef.vn · hajduckiportal.hr · nangluongvietnam.vn · thanhnien.com.vn · video.soha.vn