Vietsovpetro to invest $28 mln to further exploit White Tiger oil field
Vietnam-Russia joint venture Vietsovpetro plans to invest $28 million in further exploitation of the Bach Ho (White Tiger) oil field in Block 09-1 offshore Vietnam.
Vietsovpetro is a joint venture between Russian and Vietnamese state-owned oil & gas majors Zarubezhneft and Petrovietnam.
According to a draft assessment in the project’s environmental impact report, Vietsovpetro will sustain a capital expenditure (capex) of $26.75 million on building a new exploitation rig called BK-24 as well as a connecting facility; and $1.26 million for upgrading existing BK-20 and CTK-3 rigs.
Proposed location of the new BK-24 oil rig, offshore Vietnam. Photo courtesy of Vietsovpetro.
Besides this, Vietsovpetro will allocate $31.9 million for drilling five new oil wells.
The joint venture aims to start installation of the new BK-24 rig in May 2025, upgrade existing rigs starting April 2025, and start drilling five new oil wells in November 2025-March 2026.
It estimates that the first oil extraction from BK-24 rig will happen in the last quarter of 2025.
With the planned investments, Vietsovpetro estimates that the project’s accumulated output can reach 461,000 cubic meters of oil (equivalent to 380,200 tons) and 194.8 million cubic meters of gas.
Vietsovpetro has been exploiting the Bach Ho oil field since 1986.
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