Vietnam revives decade-old oil field with 134-day offshore drilling blitz
PV Drilling deploys Borr Drilling’s Idun jackup for a three-well campaign in Blocks 01/97 and 02/97.
Vietnam’s offshore drilling sector is set for a boost as PV Drilling secures a new contract to revive production in two mature blocks. The deal, awarded by PetroVietnam Exploration Production’s (PVEP) Ho Chi Minh City branch, covers a three-well campaign at the TL-WHP development in Blocks 01/97 and 02/97.
The project will deploy Borr Drilling’s Idun jackup rig for approximately 134 days, with operations scheduled to begin in mid-October. The campaign aims to increase output from the field’s current 3,000 barrels per day and extend its producing life. The last wells in the area were drilled nearly a decade ago, leaving untapped potential that this new phase seeks to exploit.
Strategic significance for Vietnam’s energy sector
The contract underscores a broader push to maximize recovery from Vietnam’s ageing offshore fields. PV Drilling has been expanding its capacity in response to growing demand, adding another jackup to its fleet in June to bring its total owned units to eight. The company’s ability to mobilize modern rigs like the Idun positions it as a key player in the country’s offshore drilling market.
For PVEP, the campaign represents a strategic effort to reverse declining production in Blocks 01/97 and 02/97. The use of a high-specification rig like the Idun reflects a trend among operators seeking to extract additional value from mature assets. Earlier this year, the rig completed a 60-day programme for an undisclosed Vietnamese operator, followed by a one-well job for Hoang Long JOC, which is expected to conclude in October.
Broader implications for offshore drilling
The success of this campaign could have ripple effects beyond Vietnam. As global oil markets remain unpredictable, operators worldwide are reassessing marginal fields for potential production extensions. Vietnam’s approach—using advanced rigs to revitalize older developments—may serve as a model for other countries facing similar challenges.
The Idun’s 134-day assignment will be closely watched as a test case for the viability of mature offshore fields. If successful, it could encourage further investment in Vietnam’s offshore sector, which has struggled to attract capital in recent years. For now, the focus remains on the rig’s upcoming deployment and its potential to unlock new production from Blocks 01/97 and 02/97.
Sign up free to ask CAMAL AI for a summary, the key points or anything else about this story.
Related stories
CAMAL AI
Financial Ports Newsletter
The maritime economy, every morning
Ports, shipping and freight markets in one short email. Free.
