10:22 | 30/08/2018 Industry
(VEN) - Founded in 2011, the PTSC-CGGV Geophysical Survey Co., Ltd is a joint venture between the PetroVietnam Technical Services Corporation (PTSC) - contributing 51 percent of the company’s chartered capital - and CGGVeritas Services Holding BV (France) - contributing the remaining 49 percent of chartered capital. PTSC-CGGV offers 2D and 3D marine seismic data acquisition services. PTSC-CGGV Geophysical Survey manages and runs the 3D Amadeus seismic vessel and 2D Binh Minh 02 seismic ship. The company with its symbol - Binh Minh 02 vessel - has accomplished its historic missions.
Cooperation in exploitation of 2D and 3D seismic survey vessels upon the joint venture establishment was a milestone in PTSC’s development strategy. This is also a solution to develop spearhead services of PTSC, especially next-generation multi-purpose service ships using dynamic positioning technology of level II/III, in the region and the rest of the world, contributing to PTSC’s long-term stable revenues and profit.
Providing 3D marine seismic survey services for customers in Vietnam facilitates PTSC’s market expansion, branding and prestige improvement. It provides PTSC with the opportunity to approach the 3D seismic technology transferred by CGGV, carve a major niche in the domestic market, develop the regional service provision market, and minimize foreign currency-based payment to foreign contractors.
PTSC-CGGV Geophysical Survey manages and runs the 3D Amadeus seismic vessel and 2D Binh Minh 02 seismic ship. Binh Minh 02 (previously known as M.V. Pavlovsk, acquired from a Russian company Nordic in 2003) was converted from an Atlantic-333 Fishing Trawler, to a state-of-the-art 2D seismic vessel. The vessel can operate in all weather conditions, including ice conditions, across marine areas. The Vietnam National Oil and Gas Group (PVN) assigned PTSC to manage and operate Binh Minh 02.
On March 19, 2009, the vessel was officially named Binh Minh 02 and handed over by the contractor to PTSC after successful trial operation. The name Binh Minh 02 was given to the ship in the sense of continuing the glorious history of a ship with almost the same name (Binh Minh) - the first seismic vessel of the Vietnamese oil and gas industry. Binh Minh 02 is over 62 meters long, 13m wide and 9m deep. All of the ship’s seismic equipment is brand new and procured from such world leading companies as Sercel from France, Seamap (USA), and Quest (UK). The ship has standard technology and configuration required for a 2D seismic vessel. Binh Minh 02 is capable of seismic acquisition with a 12,000m long cable, with all data preliminarily processed on board with the best equipment.
Immediately after it was handed over to PTSC, Binh Minh 02 carried out seismic surveys on the continental shelf of Vietnam.
The vessel operates round the clock. Seismic engineers of each department worked 12-hour shifts alternatively. Although they had to work very hard, engineers on board always had a high sense of responsibility, fulfilled tasks assigned by PVN, and gained partner trust.
Binh Minh 02 implemented robot-based underground project research and geophysical and geological surveys and studies in deep water areas as well as other special surveys in Vietnamese water territories - one of the most difficult and complicated jobs in the oil and gas industry. Binh Minh 02 is one of the most modern and rarest marine survey ships in the world, as it is equipped with the latest equipment such as satellite positioning system, seismometer and wave scanner for 40-day-plus operation offshore.
Unlike other ships, Binh Minh 02 has a seismic acquisition system, which is crucial for operating seismic acquisition machine, seismic cable tracking, and oil exploration-serving seabed survey.
On November 30, 2012, when it surveyed Cuu Long, Nam Con Son and Phu Khanh oceans of grief under a project for 2D seismic survey on Vietnam’s continental shelf, Binh Minh 02 had its cable cut by an illegal Chinese fishing vessel. The captain, the crew and all oil and gas engineers on Binh Minh 02 were calm and steady. They found the best solution and fixed the problem only one day after it occurred.
As Binh Minh 02 operator, the PTSC-CGGV Geophysical Survey Co., Ltd successfully carried out many seismic acquisition projects inside and outside Vietnam, including deep water and offshore areas, for such big customers as the PetroVietnam Exploration Production Corporation (PVEP), Vietsovpetro, PetroVietnam Domestic Exploration Production Operating Company Limited (PVEP POC), Mitra Energy, Oil Search (a US$11-million contract implemented in Papua New Guinea), and Oil and Natural Gas Corporation Limited (ONGC) with a US$45-million contract implemented in India. The ship contributes significantly to promoting oil and gas exploration and exploitation, with its service quality highly rated by customers. In 2012 and 2013, the PTSC-CGGV Geophysical Survey Co., Ltd earned a profit of more than VND370 billion.
As of 2014, Binh Minh 02 implemented seismic acquisition along 12,753km of coastline, almost quadruple Vietnam’s total coastline. The PTSC-CGGV Geophysical Survey Co., Ltd obtained impressive achievements. Apart from benefiting PTSC in particular and PVN in general, the joint venture helped these two organizations take the initiative in oil and gas exploration in deep water and offshore areas. In addition, PTSC-CGGV has trained many Vietnamese seismic engineers as substitutes for foreign specialists while gradually seizing the control of technology in the field of seismic survey.
PTSC-CGGV used 3D Amadeus and 2D Binh Minh 02 ships to successfully implement seismic acquisition and survey projects for domestic and foreign customers. Both vessels have emphasized their capability to provide high quality survey services in various marine parts worldwide. However, decreases in and the long-lasting low price of crude oil since 2014 caused contractors to halt or slow down their oil and gas exploration and exploitation activities, which has made PTSC-CGGV suffer accumulated losses of almost VND790 billion, greatly affecting adversely PTSC’s production and trading activities, especially its underground survey services. PVN is proposing that relevant authorities consider dissolution of the joint venture, termination of the joint venture operation ahead of schedule, and allow PTSC to withdraw all of its capital contributed to the joint venture.
2D Binh Minh 02 and 3D Amadeus seismic vessels and the PTSC-CGGV joint venture have fulfilled their historic missions of seismic acquisition and oil and gas survey on the entire continental shelf of Vietnam. With its contributions to petroleum exploration including oil exploration in the East Sea, Binh Minh 02 is not only the pride of the oil and gas industry but also has become a symbol of Vietnam’s national sovereignty protection in marine, island and border areas.