Premier Oil Inc, a leading British independent oil and gas company, was established in Vietnam in 2004 and was instrumental in undertaking the successful exploration leading to the discovery of Chim Sao Oil field, with oil reserve estimated at 50 million barrels.
Tireless efforts
After 5 years of operation in Vietnam, Premier Oil is now developing Chim Sao oil field in the Nam Con Son Basin. Premier Oil continues to explore for new reserves in Block 07/03 and Block 104-109/05 offshore Northern Vietnam, it has drilled 10 exploration and appraisal wells, and two more are being planned for the year 2011.
Late in 2009 Premier Oil together with Petro Technical Services Corporation (PTSC) – a member of Petro Vietnam - signed the Chim Sao Engineering, Procurement, Construction, and Installation (EPCI) contract for Block 12W, Nam Con Son basin, offshore from Vung Tau. Mr Phil MacLaurin, Country Manager of Premier Oil Vietnam said that despite the direct impact of the global economic recession and the financial crisis on the Chim Sao project, Premier Oil Vietnam still maintained an active campaign of exploration in its two production sharing contract (PSC) areas at Nam Con Son Basin (off Southern Vietnam) and one in the Song Hong Basin (off Northern Vietnam). “2009 was a challenging year for the Vietnam oil and gas sector and for Premier Oil in particular. However, it was also marked by the continued exploration and development of the Chim Sao Oilfield in Vietnam. Everything remains on track. And we have emerged from the economic crisis with an even more robust project,” said Phil MacLaurin.
A fresh outlook
In March 2010, PTSC M&C completed building the Chim Sao jacket at Vung Tau –the largest structure ever fabricated in Vietnam weighing 4,000 tonnes and measuring 140m high. This allows Premier Oil to start drilling the wells that will produce oil after finishing installation of processing equipment in the next few weeks.
In addition, a ship called a Floating Production, Storage and Offtake Vessel (FPSO) will be stationed close to the Chim Sao Platform when Premier Oil starts producing oil. The oil will be processed and stored at the FPSO before being exported to the refinery by oil tanker.
Together with its partners, Premier Oil is investing another US$800 million to develop Chim Sao, with oil production starting in the middle of 2011.
Good implementation of social welfare activities
Apart from exploration activities in Vietnam, Premier Oil puts a strong focus on investing in the community. The company now employs about 100 professionals in both Ho Chi Minh City and Vung Tau offices. In Vietnam, Premier Oil has implemented education, public facility, and community relations programmes.
Premier Oil’s community investment in Vietnam is guided by priorities in the national socio-economic development plan, including programmes to concentrate on economic growth and restructuring, poverty reduction, job generation, education, training and vocational development. In 2008-2009, Premier Oil constructed six new bridges in the Mekong Delta, and provided 100 bicycles for pupils. At the same time, the company provides short-term training courses, offers full travel insurance and family medical insurance with annual health checks for employees.
“We believe that investing in people is the right thing to do in both the practical and ethical dimensions. It helps manage risk and protect our reputation. In Vietnam, we not only provide funds but we work within communities and build trust,” said Mr Phil MacLaurin.
Le Phuong
Vietnamese
