11:22 | 18/05/2017 Petroleum
(VEN) - The Groupement Bir Seba (GBRS), a joint venture operated by PetroVietnam Exploration and Production Corporation (PVEP), exploited its 10 millionth oil barrel on May 8 at the 433a-416b lot of the Bir Seba mine in Algeria’s Sahara Desert.
The project is a joint venture between PVEP under the Vietnam National Oil and Gas Group (PVN), Thailand’s PTT Exploration and Production Company (PTTEP) and Algeria’s state-owned oil and gas company Sonatrach.
This is the first oil and gas exploitation project abroad in which PVEP is playing the role of an operator. The joint venture received the first oil flow on August 12, 2015.
The Bir Seba oil exploration project has an estimated total capacity of around one billion oil barrels. In the first phase, it is set to exploit 20,000 barrels per day in 13 wells. As the project enters its second phase in 2019, it will produce around 40,000 barrels on a daily basis.
The project was assigned to PVN and PVEP after they won the international bid to become the operator during the exploration stage from 2003 to 2008. To operate in the development and exploitation phase, PVEP formed a joint venture with its partners under the Product Sharing Agreement (PSC).
This is also PVN’s first project related to drilling services abroad. The PetroVietnam Drilling and Well Services Corporation (PV Drilling) has brought a number of drilling rigs to the Bir Seba field and drilled dozens of wells there.
The production of the 10 millionth oil barrel at the 433a-416b lot of the Bir Seba mine expresses PVN’s effort in order to ensure energy security for the development of the country. It becomes more meaningful when PVEP is preparing to marks its 10th anniversary this year.
The Bir Seba oil exploration project is considered a successful project which has brought greater economic efficiency. Around 18,000-20,000 oil barrels are exploited every day at lower cost than set plan.