The agreement was signed in Ho Chi Minh City on October 16, 2026, for the drilling of well 05-1c-SV-2X as part of an appraisal and exploration project at the Sao Vang-Dai Nguyet field cluster offshore Vietnam. Idemitsu operates petroleum blocks 05-1b and 05-1c in the Nam Con Son Basin.
Under the contract, PV Drilling will work with ENEOS Drilling Limited (EDL) to provide the HAKURYU-14 jack-up rig, which is owned and operated by EDL, for Idemitsu's drilling operations.
The agreement marks a continuation of more than a decade of cooperation among Idemitsu, PV Drilling and EDL across multiple drilling campaigns.
The HAKURYU-14 is expected to drill the main SV-2X well over approximately 38 to 40 days. An additional 55 to 60 days has been provisionally allocated for drill-stem testing (DST) and drilling the sidetrack well SV-2XST.
The campaign is scheduled to begin between March 1 and May 31, 2027, with completion expected between July and late August, depending on the final schedule and operational requirements.
Mr. Yosuke Shimizu, General Director of Idemitsu, said the agreement reflected the longstanding partnership among the three companies, built on mutual trust, proven technical expertise and a shared commitment to operational efficiency.
The upcoming campaign would require thorough preparation, strong technical capabilities, effective communication and close coordination among all parties, he said.
Safety and environmental protection would remain top priorities throughout the operation, guiding decisions and activities to safeguard workers, partners, the environment and local communities.
Mr. Yosuke Shimizu expressed confidence that the companies' open and respectful cooperation, combined with their shared objectives, would help ensure the campaign was conducted safely and successfully.
Mr. Nguyen Xuan Cuong, President and CEO of PV Drilling, said the corporation had worked with Idemitsu for more than ten years as a drilling rig contractor in Vietnam, deploying both its own rigs and rigs leased from partners and arranged under contracts by PV Drilling.
The track record demonstrated the company's ability to manage and coordinate rig resources and provide flexible drilling solutions, while reflecting the confidence customers had placed in it across multiple projects, he said.
For this drilling campaign, PV Drilling will work closely with Idemitsu and EDL on preparations, rig mobilization, operational execution and schedule control to ensure safety, efficiency and compliance with the customer's technical requirements, Mr. Nguyen Xuan Cuong said.
In parallel with the rig contract, Idemitsu signed service agreements with two PV Drilling subsidiaries, PVD Offshore and PVD Logging, to meet the project's technical requirements.
PVD Offshore will provide drill pipe inspection and maintenance services for wells under the Nam Sao Vang project, while PVD Logging will deliver well logging services.
The agreements highlight PV Drilling's ability to coordinate its subsidiaries and deliver integrated drilling and technical services tailored to the needs of oil and gas operators in Vietnam.
Representatives of Vietnam National Industry-Energy Group (PETROVIETNAM), Idemitsu, EDL, PV Drilling and its subsidiaries attended the signing ceremony. The PV Drilling subsidiaries represented included PVD Offshore, PVD Logging, PVD Tech, PVD Well Services, PVD Baker Hughes, and PVD Training.
The SV-2X well is expected to help unlock remaining hydrocarbon potential at the Sao Vang-Dai Nguyet field cluster and its satellite structures within blocks 05-1b and 05-1c.
The project is intended to sustain and expand offshore exploration and production activities in Vietnam, contributing to the country's long-term energy security.
