PTSC Conquers the Ocean

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With a dream to conquer the ocean, PetroVietnam Technical Services Corporation (PTSC) has continuously invested in technology and successfully produced many modern large-scaled oil platforms, making an effective contribution to developing the marine economy and ensuring security, national defence and sovereignty of the sea and islands. PTSC is a member of the Vietnam National Oil and Gas Group (PetroVietnam). It is considered the leading supplier of services, such as specialized vessels, floating storage and offloading vessels (FSO), floating production, storage and offloading vessels (FPSO) and seism surveys for the oil and gas industry in Vietnam and Southeast Asia, especially in the field of designing, manufacturing and installing offshore oil platforms. At present, PTSC has over 23 affiliates, 3 joint-ventures in Singapore and 1 affiliation in Malaysia with a staff of more than 10,000 people who have high capability and professional skills. Having been carefully trained and with … [Read more...]

Load-out of PQP-Hai Thach

On June 26, at the construction site of PTSC Downstream Port, PTSC M & C held the load-out, transportation and installation ceremony of Hai Thach Production & Quarters Platform (PQP-HT) 's jacket of Bien Dong 1 Project, invested by Bien Dong Petroleum Operating Company (Sea POC). Bien Dong 1 Project is the first largest offshore petroleum project, performed by Vietnamese contractors, with the total fabrication and installation weight of up to 60,000 tons. This is a challenging project by the total time of engineering, procurement, fabrication, installation and hook-up is only within approximately 29 months for the topside of Hai Thach Production & Quarters Platform (including a 70-person-on-board living quarter); two wellhead platforms Moc Tinh 1 and Hai Thach 1; 3 jackets; 1bridge, along 70km pipelines and 21km subsea cables. Production & Quarters Platform is installed offshore and operated at the 133m deep water field. Presence at the loadout ceremony, Deputy Prime … [Read more...]

Viet Nam to install largest oil platform

HA NOI — A sail-away ceremony for the 14,000-tonne Hai Thach central processing platform, the biggest ever of its kind in Viet Nam, was held yesterday in the southern province of Ba Ria-Vung Tau. The platform will be installed at one of Viet Nam 's deepest oil fields where the water is up to 133m deep. It is part of the Bien Dong 1 project run by the Bien Dong Petroleum Operating Company with the PTSC Mechanical and Construction Joint Stock Company as the main contractor. The Bien Dong 1 is the country's largest offshore oil and gas project with a total installation workload of 60,000 tonnes. More than 3,300 technicians and workers are working on the project. — VNS … [Read more...]

Vietnam to install largest processing platform

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A sail-away ceremony for the 14,000-tonne Hai Thach central processing platform, the biggest ever of its kind in Vietnam, was held on June 27 in the southern province of Ba Ria-Vung Tau. Deputy Prime Minister Hoang Trung Hai was present at the ceremony. The platform will be installed at one of Vietnam ’s deepest oil fields where the water is up to 133m deep. It is part of the Bien Dong 1 project run by the Bien Dong Petroleum Operating Company with the PTSC Mechanical and Construction Joint Stock Company as the main contractor. The Bien Dong 1 is the country’s largest offshore oil and gas project with a total installation workload of 60,000 tonnes. More than 3,300 technicians and workers are working on the project.-VNA … [Read more...]

Bien Dong POC: Close Coordination with Other PetroVietnam Companies to Achieve Bien Dong 1 Project Key Milestones

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Since its establishment over two years ago by Decision 066/QD-DKVN of PetroVietnam's Board of Management, Bien Dong Petroleum Operating Company (Bien Dong POC) has been expeditiously performing the important tasks assigned by PetroVietnam to continue the Bien Dong 1 development project for early production of natural gas and condensate from Hai Thach field and Moc Tinh field offshore S.R. Vietnam. The Bien Dong 1 Project covers engineering, procurement, onshore construction and offshore installation of a complex of offshore facilities including Moc Tinh 1 Wellhead Platform (WHP-MT1), Hai Thach 1 Wellhead Platform (WHP-HT1), and Production and Quarters Platform at Hai Thach field (PQP-HT), together with infield pipelines, export gas pipelines and submarine cables. Once completed, these will be the largest platforms in Vietnam, especially the PQP having oversized structure and complex process systems, in the past built solely by overseas contractors. In addition, given the very … [Read more...]

New Prospects of Cooperation with Singapore and Malaysia

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According to statistics, Vietnam's two-way trade with Singapore reached US$6.2 billion in 2010, and that with Malaysia US$4 billion in the first nine months 2011. The visit of President Truong Tan Sang to the two countries in late September will no doubt further strengthen the cooperation with these two countries of great potential. Singapore ranks third among countries and territories investing in Vietnam, with 938 projects worth US$23.2 billion. The visit of the Vietnamese President has created new motivation for more efficient cooperation between the two countries, strengthening ASEAN and promoting multifaceted cooperation between Vietnam and Singapore. VCCI organized the accompanying business delegation and co-sponsored the "Vietnam-Singapore Business Forum" with over 250 participants. President Truong Tan Sang attended the Forum and discussed with business people of the two countries the development of supporting industry, restructuring of State-owned enterprises and bilateral … [Read more...]

Huge “made in Vietnam” oil rig jacket in action

A 11,000-tonne jacket structure for the Moc Tinh oil rig has been launched successfully at Vietsovpetro port in the southern province of Ba Ria-Vung Tau. The jacket structure includes three-dimensional frames made from large tubular steel members, allowing the jacket, which takes the loadings from the topside and sea environment, to be attached by piles to the seabed. With construction work starting in June last year by the Petroleum Equipment Assembly and Metal Structure Joint Stock Company (PVC-MS), the 136- metre high structure is the largest manufactured in Vietnam. In April the company also manufactured and launched a jacket structure for the Dai Hung oil rig that is 120m high and weighs 7,000 tonnes. The Moc Tinh oil rig is part of the Bien Dong 1 project, invested by the Bien Dong Petroleum Operating Company (Bien Dong POC), and the rig's jacket structure will be installed offshore by September 5. … [Read more...]

Huge “made in Vietnam” oil rig jacket in action

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A 11,000-tonne jacket structure for the Moc Tinh oil rig was launched successfully on August 27 at the Vietsovpetro port in the southern province of Ba Ria-Vung Tau. The jacket structure includes three-dimensional frames made from large tubular steel members, allowing the jacket, which takes the loadings from the topside and sea environment, to be attached by piles to the seabed. With construction beginning in June last year by the Petroleum Equipment Assembly and Metal Structure Joint Stock Company (PVC-MS), the 136 metre high structure was the largest manufactured in Vietnam. In April the company also manufactured and launched a jacket structure for the Dai Hung oil rig with weight of 7,000 tonnes and height of 120 metres. The Moc Tinh oil rig is part of the Bien Dong 1 project, invested by the Bien Dong Petroleum Operating Company (Bien Dong POC), and the rig's jacket structure will be installed offshore by September 5. Source VIR/VNA … [Read more...]

Honeywell to Automate Offshore Gas Platforms in Vietnam

Honeywell announced that it has been engaged by PetroVietnam Technical Services Corporation (PTSC) and the Bien Dong Petroleum Operating Company (BDPOC) to supply an integrated process control system for their new central processing platform currently under construction in Vung Tau, Vietnam. When fully operational by the end of 2012, the platform is expected to contribute significantly to meet Vietnam's increased gas demands by providing 2 billion cubic metres of gasoline each year and up to 20,000 barrels of condensate daily. BDPOC is a subsidiary of state-run Vietnam Oil and Gas Group (PetroVietnam). Honeywell Process Solutions (HPS) will implement its award-winning Experion® Process Knowledge System (PKS) with C300 Controller and Foundation Fieldbus capabilities to fully automate the facility. Safety Manager will also be installed to improve process-safeguarding protocols, such as emergency shutdowns, fire and gas monitoring, and critical application control. By increasing … [Read more...]

Vietnam’s Biggest Oil Platform Installed

The installation of topsides for Vietnam's biggest-ever oil rig has been completed at the Moc Tinh gas field off the southern province of Ba Ria-Vung Tau. The Moc Tinh oil rig is invested by the Bien Dong Petroleum Operating Company (Bien Dong POC), a subsidiary of the state-run Vietnam Oil and Gas Group (PetroVietnam). The Moc Tinh platform together with the Hai Thach platform, another investment of the Bien Dong POC, is expected to supply two billion cu.m of gas per year and between 15,000 and 20,000 barrels of condensate per day. Moc Tinh field, located at block 5.3 in the Nam Con Son basin, offshore southern Vietnam, has estimated reserves of 0.5 trillion cubic feet (tcf) of gas and 9.59 million barrels of condensate. Dung Quat Economic Zone to be expanded (Source: VIR/VNA) … [Read more...]

Vietnam’s biggest oil platform installed

The installation of topsides for Vietnam's biggest-ever oil rig has been completed at the site of Moc Tinh gas field off the southern province of Ba Ria-Vung Tau. The Moc Tinh oil rig is invested by the Bien Dong Petroleum Operating Company (Bien Dong POC), a subsidiary of the state-run Vietnam Oil and Gas Group (PetroVietnam). The Moc Tinh platform together with the Hai Thach platform, another investment of the Bien Dong POC, is expected to supply two billion cu.m of gas per year and between 15,000 and 20,000 barrels of condensate per day. Moc Tinh gas field, located at block 5.3 in the Nam Con Son basin, offshore southern Vietnam , has estimated reserves of 0.5 trillion cubic feet (tcf) of gas and 9.59 million barrels of condensate. VNA/VOVNews … [Read more...]

PetroVietnam Affiliate Starts Vietnam Biggest Oilrig Project

Bien Dong Petroleum Operating Company (Bien Dong POC), a subsidiary of the state-run Vietnam Oil and Gas Group (PetroVietnam), has started building jackets and topsides for Vietnam's biggest-ever oilrig at Moc Tinh gas field. The oilrig will be 134 meters high and weigh 13,000 tons. The oilrig is expected to provide two billion cubic meters of gas a year and between 15,000 barrels and 20,000 barrels of condensate a day once fully operational next August. Moc Tinh gas field, located at block 5.3 in the Nam Con Son basin, offshore southern Vietnam, has estimated reserves of 0.5 tcf of gas and 9.59 million barrels of condensate. PetroVietnam expects to produce 23.58 million tons of oil equivalent from 15 million tons of crude oil and 8.58 billion cubic meters of natural gas this year. (Youth) … [Read more...]

PTSC: Activated by Major Projects of Early 2010

PetroVietnam Technical Services Corporation (PTSC) has introduced a number of measures to navigate the adverse impacts of the global economic recession; achieving impressive business results.

PTSC is known domestically and globally as a major force for Vietnam National Oil and Gas Group (PetroVietnam), providing technical services for the oil and gas industry. In 2010, PTSC expects more success as many leading business groups have chosen it as a key partner and it has ongoing key oil and gas projects. Particularly, on February 10, 2010, PetroVietnam Technical Services Corporation and Bien Dong Petroleum Operating Company (BDPOC) held a head of agreement (HOA) signing ceremony for the supply of a floating storage and offloading unit (FSO) for Hai Thach and Moc Tinh fields, Bien Dong 1 Project. This agreement resulted from the great efforts of PTSC to sustain and develop the market of floating production, storage, and offloading/floating storage and offloading (FPSO/FSO) units amid the global economic crisis. Following up the successful FPSO Ruby Princess, FSO Orkid, FPSO Ruby II, FSO Rong Doi MV12, FPSO Cuu Long MV9 and FSO PTSC Bach Ho, the FSO chartered to BDPOC will … [Read more...]

The first Vietnamese chief engineer on seismic survey ship

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An outstanding Vietnamese engineer has become the first local to replace foreign experts on Vietnam’s first-ever 2D seismic survey ship at the age of only 34. Mai Van Phuong was named chief gun, or chief engineer of the motor-triggering operation division on Binh Minh 02, the country’s first-ever 2D seismic survey ship in 2012, when he was only 30. The vessel is run by Geos and Subsea Services Co. (G&S) under the state-owned Vietnam National Oil and Gas Group (PetroVietnam) Technical Services Corporation (PTSC). The ship has been prone to Chinese attacks in Vietnamese waters. Two Chinese fishing boats caused the seismic survey cables of Binh Minh 02 to be severed off the country’s Con Co Island, administered by the central province of Quang Tri, in April 2012. The same thing occurred in May 2011, when three Chinese surveillance ships cut exploration cables of the Binh Minh 02 ship when it was operating on the continental shelf of Vietnam. During its … [Read more...]

Bank stocks help boost VN-Index

Investors on Sai Gon Securities Inc's exchange platform. Photo: VNS

Local shares posted mixed results on May 10 on the two exchanges, foreign investors returned to their net buy in the southern bourse of the HCM Stock Exchange. Seeing a wide decline in the overall market, however, the benchmark VN Index on the HCM Stock Exchange rose 1.2 points or 0.2 percent to reach 605.05 points in HCM City thanks to some banking stocks and two transactions of three million shares of realty Vingroup (VIC) and 28 million shares of agriculture firm of Hoang Anh Gia Lai Agricultural Group (HNG). While banks were the major factor that drove the VN Index down on May 9, they were the major supporters lifting the index up yesterday, according to Sai Gon-Hanoi Securities Corp (SHS)'s daily report. Shares of the Bank for Investment and Development of Vietnam (BID) and the Vietnam Commercial Joint Stock Export Import Bank (EIB) increased 2.8 percent each while Vietcombank (VCB) also closed up 1.25 percent, and Vietinbank (CTG) added 0.58 percent. Representing insurance … [Read more...]

VN stocks rise, boosted by energy sector

Vietnamese shares extended gains this morning as energy firms benefited from rebounding oil prices on Tuesday. - Photo vietnamplus.vn

Vietnamese shares extended their gains on both local markets this morning, led by energy stocks. The benchmark VN Index on the HCM Stock Exchange rose 0.5 per cent to close at 562.93 points. The HNX Index on the Ha Noi Stock Exchange inched up 0.2 per cent to end at 79.05 points. Energy stocks lifted both markets as global crude prices rebounded on Tuesday from a two-day decline, on expectations that an agreement on production freeze could be reached without Iran's participation. London-traded Brent crude on Tuesday added 0.5 per cent to close at US$37.87 a barrel, and advanced 1.8 per cent to trade at $38.56 a barrel. Among local energy stocks, PetroVietnam Gas Corporation (GAS) and PetroVietnam Mud Drilling Corporation (PVC) jumped 3.6 per cent and 3.1 per cent, respectively. PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Technical Service Corporation (PVS) were up 2.2 per cent and 1.9 per cent, respectively. Additionally, local banks advanced to … [Read more...]

Higher oil drives VN stocks up

A photo of an investor at Saigon Securities Incorporation's trading floor. Stocks rose for a second day on both exchanges on higher investor confidence. - VNS Photo Doan Tung

Vietnamese shares extended gains for a second day on both local markets yesterday on improved investor confidence and higher oil prices. The benchmark VN Index on the HCM Stock Exchange added 0.4 per cent to close at 579.26 points, rising 0.9 per cent in the last two trading days. The HNX Index on the Ha Noi Stock Exchange edged up 0.7 per cent to finish at 80.56 points. The northern index increased by 1.2 per cent during the last two sessions. Investor confidence improved after the US central bank on Wednesday night decided to keep interest rates stable, reduced the number of rate hikes for this year and projected an interest rate of 0.9 per cent at the end of this year, down 0.5 percentage point, Bao Viet Securities Corporation (BVSC) wrote in its daily report. Higher investor confidence lifted property companies, insurance firms and metal producers yesterday, BVSC said. Among property firms, Vingroup JSC (VIC) was up 0.9 per cent, Kinh Bac City Development Share Holding … [Read more...]

Who is ‘cash king’?

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VietNamNet Bridge - Many businesses have been reported as holding trillions of dong in cash. The wealth has allowed them to take the initiative in developing businesses and expanding production. The list of ‘cash kings’ became clear after listed companies submitted their 2015 finance reports. It includes familiar names such as PV Gas (GAS), Vingroup (VIC), Vinamilk (VNM), PetroVietnam Technical Services Corporation (PVS), Masan (MSN), Phu My Fertilizer (DPM), Kinh Do (KDC), FPT, PVDrilling (PVD), Hoa Phat (HPG) and REE. The companies in the oil and gas family have the most money. There are about 30 companies which hold trillions of dong in cash, of which oil and gas firms account for 30 percent. PV Gas is an enterprise which has the biggest amount of cash, about VND17-20 trillion. The company also has VND6.038 trillion worth of bank deposits and loans for which it can collect interest periodically. Many businesses have been reported as holding trillions of dong in … [Read more...]

VN shares may fall as investors look to sell energy, rubber stocks

On Friday, the benchmark VN Index added 0.6 per cent to finish the week at 573.65 points, rallying 2.6 per cent in the last four trading sessions. The southern index gained 1.3 per cent last week. - Photo stox

Vietnamese shares could fall this week as investors seek profits in stocks that have performed well, in a bid to lift the markets during the last three trading weeks, securities firms wrote in their weekly forecasts. Further, securities firms predicted that the benchmark VN Index could be tested between 575 points and 580 points during the first trading session, before sliding for the remainder of the week. However, the VN Index would still improve in the middle-term and long-term period. On Friday, the benchmark VN Index added 0.6 per cent to finish the week at 573.65 points, rallying 2.6 per cent in the last four trading sessions. The southern index gained 1.3 per cent last week. Meanwhile, the HNX Index on the Ha Noi Stock Exchange climbed 0.5 per cent to end last week at 79.65 points, and the northern index advanced 0.7 per cent from the previous week. Both local indices have shown strong improvements since the markets reopened after the Tet holidays. The VN Index has … [Read more...]

VN stocks extend rally on higher oil prices

A local investor looks at the stock screen. - File Photo

Vietnamese shares rose slightly this morning to extend their rally, as higher crude prices on Wednesday boosted energy stocks. The benchmark VN Index on the HCM Stock Exchange inched up 0.1 per cent to close at 570.67 points, and the HNX Index on the Ha Noi Stock Exchange rose 0.2 per cent to end at 79.43 points. Global crude prices advanced on Wednesday on expectations that co-operation between Russia and the Organisation of Petroleum Exporting Countries (OPEC) will help improve prices. American benchmark crude West Texas Intermediate (WTI) gained 0.8 per cent to close Wednesday's trading at US$34.66 a barrel, and London-traded Brent crude added 0.3 per cent to close at $36.93 a barrel. Among local energy stocks, PetroVietnam Gas Corporation (GAS) added two per cent, PetroVietnam Technical Service Corporation (PVS) rose 1.9 per cent, and PetroVietnam Mud Drilling Corporation (PVC) was up 2.1 per cent. The markets were also lifted by food and beverage producer Masan Group (MSN), … [Read more...]