Accordingly, PetroVietnam Drilling and Well Service Corporation (PV Drilling) and PetroVietnam Exploration Production Corporation – HCMC Branch (PVEP-HCM) signed a pivotal contract to provide jack-up drilling rig leasing services tailored for the 2026 TL-WHP drilling program at Blocks 01/97 and 02/97 offshore Vietnam.
This contract marks a crucial collaboration milestone between PV Drilling and PVEP-HCM. Simultaneously, it continues to boldly affirm the reliable, efficient, and sustainable partnership between PVEP and PV Drilling, both being integral member units of the Vietnam National Industry – Energy Group (Petrovietnam).
Under this contract, PV Drilling will mobilize the IDUN jack-up rig from its partner Borr Drilling to exclusively serve PVEP-HCM’s operations. This ambitious program targets three specific wells at TL-WHP in Blocks 01/97 and 02/97 offshore Vietnam, with an anticipated duration spanning roughly 134 days, kicking off in mid-October 2026.
For Director Vu Viet Hung of PVEP-HCM, among the numerous contracts serving the 2026 early drilling program at TL-WHP, the drilling rig agreement acts as the absolute linchpin that decisively dictates the entire campaign’s schedule.
Consequently, the meticulous negotiation process among PVEP-HCM, PV Drilling, and Borr Drilling was executed with utmost seriousness and urgency. It was deeply rooted in a spirit of robust cooperation and responsibility, thereby helping optimize commercial conditions, guaranteeing the contract’s execution efficiency, and meeting the stringent timeline.
“With an elevated sense of responsibility and tight-knit coordination among PVEP-HCM, PV Drilling, and Borr Drilling, the early drilling program at TL-WHP will unfold right on schedule, successfully fulfilling all designated targets and propelling the early drilling initiative to its finish line perfectly as planned,” Director Vu Viet Hung emphatically underscored.
On the PV Drilling side, President & CEO Nguyen Xuan Cuong shared that Borr Drilling stands out as a highly reputable drilling contractor, having steadfastly stood alongside PV Drilling to successfully deploy numerous complex projects across Vietnam.
The fact that the IDUN drilling rig continues to be handpicked for PVEP-HCM’s program is a direct result of the highly effective collaboration between PV Drilling and Borr Drilling. Concurrently, it vividly showcases the IDUN rig’s operational prowess and hands-on experience within the fiercely competitive Vietnamese market.
“PV Drilling will manage and meticulously coordinate everything to ensure that resources, technical prerequisites, and operational tasks are rolled out synchronously. We acutely understand that every single day in a drilling campaign carries immense financial and strategic value, so thoroughly preparing right from the starting gate holds a decisive significance for the overall success of the entire program,” the President of PV Drilling stressed.
PVEP President & CEO Nguyen Thien Bao admitted that this project inherently harbors a multitude of formidable challenges. The most recent drilling well in this vicinity was executed roughly a decade ago or perhaps even longer. Currently, the output stubbornly maintains a plateau of approximately 3,000 barrels per day. Now that they’re officially restarting the drilling process, there’s a profound hope to finally recoup what has been heavily invested over the past ten years.
“Armed with a fresh mindset and an entirely new management model, I firmly believe we’ll undoubtedly achieve unprecedented success. We’re crossing our fingers that the upcoming wells, scheduled to be drilled over the next 100-plus days, will yield significantly higher output and ultimately help prolong this vital project’s lifespan,” the PVEP President optimistically anticipated.
In the domestic energy industry, it’s widely recognized that over the past few years, PV Drilling and PVEP have painstakingly forged a trustworthy partnership through an array of critical oil and gas programs. From the high-stakes drilling campaign at the Dai Hung field, Block 05-1(a), to the operations at the Thang Long – Dong Do field cluster in Blocks 01/97 and 02/97, the seamless synergy between both parties has been increasingly solidified and expanded.
This latest contract continuously validates PV Drilling’s robust capability in proactively arranging and supplying drilling rigs for clients, especially amidst a regional rig market that is currently experiencing severe scarcity.
Concurrently, it acts as a concrete testament to PV Drilling’s unwavering commitment to prioritizing the domestic drilling market, promptly fulfilling customer demands, and playing a paramount role in maintaining exploitation output while safeguarding national energy security.
Injecting the IDUN rig into the TL-WHP drilling program also substantially contributes to sustaining the utilization efficiency of PV Drilling’s rig fleet and further cements its dominant status as the premier drilling contractor in the region.
Attending the signing ceremony, PVEP was prominently represented by its President & CEO Nguyen Thien Bao, alongside Vice Presidents Ngo Khanh Xa and Dang Ngoc Quy. Representing PVEP-HCM were Branch Director Vu Viet Hung, joined by Deputy Directors Tran Van Lam, Tran Van Ban, and Ms. Doan Thanh Tu.
On the PV Drilling side, President & CEO Nguyen Xuan Cuong and Vice President Nguyen Dinh Duong were notably present. Representing Borr Drilling in attendance were Mr. Ross Boyle, Borr Drilling Director in Vietnam and concurrently Director of the IDUN drilling rig, along with Mr. Mark Fennel, Director of the GUNNLOD drilling rig.
