Celebrating the 49th Anniversary of the Establishment of Vietnam Oil and Gas Group (September 3, 1975 - September 3, 2024)
Technical services sector: Petrovietnam 's new growth driver
05:19 |
09/03/2024
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Accompanying the 49 years of construction and development of the Vietnam Oil and Gas Group (Petrovietnam), the high-quality oil and gas technical service unit has been recognized as playing an important role in all activities of Petrovietnam in particular and the Vietnam Oil and Gas Industry in general, with the goal of mastering the domestic market and reaching out internationally.
In recent years, in the increasingly widespread vortex of market fluctuations, most businesses have chosen to play defense to minimize damage instead of focusing on growth goals. However, the technical service units of the Vietnam Oil and Gas Group (Petrovietnam) are among the few businesses that dare to proactively innovate and break through to rise up.
By focusing on restructuring the organizational apparatus, innovating management methods; using science and technology to create new productivity, new products and services; digital transformation to create new business models; and at the same time, from the development strategy of opening up new fields, participating in the new energy value chain, Petrovietnam's service units have gradually affirmed their position in terms of capabilities and capacity not only domestically but also reaching out to the region and the world.
PTSC service port base in Vung Tau.
Seize investment opportunities, develop potential markets
In its development strategy, Petrovietnam's leaders always emphasize the role of the market, considering the market and market issues as both a goal and a solution to supplement the driving force in compensating and increasing the value of the Group's fields of operation, especially in the context of a fragmented global market, broken supply chains creating non-traditional surplus or scarcity. As with other fields of operation, along with the transformations from the technological revolution and the influence of geopolitics and economics, the search and establishment of new, sustainable, friendly and green development spaces including market expansion, domestic and international areas of operation and digital space are objective and necessary needs for units operating in the technical services field of Petrovietnam.
Operating in the field of drilling services specific to the Oil and Gas industry, the motto "New driving force for growth" of PetroVietnam Drilling and Well Services Corporation (PV Drilling) is based on three main driving forces: market - investment - digital transformation. In recent years, PV Drilling has strengthened market research to promptly seize investment opportunities, meet the needs of domestic and foreign customers, and continue to safely and effectively operate drilling rigs and machinery. The biggest highlight of PV Drilling recently is that all of its rigs have been working throughout the year with higher operating efficiency and utilization compared to the same period, especially with rigs achieving 100% utilization efficiency and 99.9% operating efficiency; recognized by international oil and gas companies and awarded many awards for impressive performance in drilling programs in the Southeast Asian market.
PV DRILLING III rig recorded many impressive achievements in the Malaysian market.
For PV Drilling, the strategy in the new growth cycle is not only to strongly develop the market share of providing multi-purpose jack-up rigs (Jack-up) in Southeast Asia, but also to promote services accompanying the rigs, including bundled services. PV Drilling has begun to invest/cooperate in investing, renting more jack-up rigs and investing in additional oil and gas well repair equipment (HWU) and other well equipment to improve competitiveness and promptly meet customer needs. Most specifically, recently, PV Drilling has successfully signed a contract to purchase a new HWU equipment set to serve well repair or well abandonment campaigns of oil and gas contractors in Vietnam and Southeast Asian countries. By owning the HWU cluster, PV Drilling will master the equipment and technology in providing well repair and well abandonment services in Vietnam as well as increase market share in Southeast Asia, while simultaneously leading to the development of other services such as Wireline of PVD Logging; Casing/Tubing Running service of PVD Well Service; Coil Tubing service of PVD Baker Hughes... contributing to enhancing PV Drilling's value chain and creating added values for customers.
Similarly, at PetroVietnam Transportation Corporation (PVTrans), the strategy of expanding scale continues to be the focus of the unit's operations in recent years. In 2023, for the first time, the number of ships that PVTrans received reached a record high of 12 ships, increasing the total transport capacity by 150%. To date, the PVtrans fleet has been increased to a total of 54 ships of various types, with a total tonnage of about 1.5 million DWT. This achievement is mainly due to the arrangement of project priorities, investment phases, and investment decentralization to increase investment opportunities and unlock the development resources of the enterprise.
PVTrans received and added the oil/chemical tanker PVT CLARA to the fleet from July 2023.
Currently, more than 85% of PVTrans's fleet is operating effectively on international routes, demonstrating strong expansion, improving the efficiency of production and business operations and competitiveness of the Corporation. In particular, the chemical transportation segment is the driving force for PVTrans's revenue growth, accounting for 36% of total revenue in the first quarter of 2024. Currently, 22/54 PVTrans ships are serving the chemical transportation segment. Of the 12 new ships added in 2023, 6 are chemical ships. In 2024 alone, PVTrans has planned to develop 21 new ships, including 13 oil/chemical ships, 4 LPG ships and 4 bulk carriers.
The expansion of PVTrans' fleet is gradually showing that the company has shifted from the finished petroleum transportation segment to the chemical segment. According to market assessment, chemical transportation currently has stable freight rates, less strong market fluctuations and significantly better gross profit margins than the finished petroleum segment; meanwhile, there is a lot of demand and the supply of ships in the region is still quite low. PVTrans's strategy in the coming years is to promote chemical tankers with the goal of owning about 37 chemical ships by 2025, equivalent to about 30% of the fleet structure.
In the period of 2024-2025, PVTrans plans to continue expanding its operations to 82 vessels, equivalent to a total capacity of up to 2.5 million DWT. In parallel with improving the capacity of its fleet in the international market, PVTrans will also step up its search for opportunities to participate in the domestic logistics supply chain, while enhancing its position in Petrovietnam's service chain.
Pioneer in new energy
As a pioneer in the field of high-quality oil and gas technical services, Vietnam Petroleum Technical Services Corporation (PTSC) has also continuously promoted the development of material resources and improved its organizational structure, in line with the sustainable development strategy of the enterprise - built in the direction of focusing on key service areas in which PTSC has strengths, while pioneering in research, investment and development of renewable energy projects in Vietnam.
To realize the above goals, PTSC has been promoting overall restructuring, standardizing management activities and developing human resources towards international standards, while at the same time preparing for the implementation of planning and infrastructure investment to welcome new services, mainly concentrated in Vung Tau, Quang Ngai, Thanh Hoa with clear and valuable investment plans. In addition to actively organizing the sending of many vehicles and equipment to work abroad, creating "new momentum" in traditional fields of operation, PTSC has also quickly developed new fields and services through the addition of Renewable Energy (RE) to become the 8th field of operation of the enterprise.
Offshore wind power base construction site at PTSC port.
In just the past 3 years, PTSC has won bids for more than 10 offshore wind power projects with a total generating capacity of 5.2GW, and a total contract value of more than 1.2 billion USD. More importantly, PTSC has initially realized its goal of not only being a mechanical and technical service provider but also becoming an investor and developer of renewable energy projects, through its cooperation with Sembcorp Group (SCU - Singapore) to invest in an offshore wind farm in Vietnam with an initial expected capacity of about 2.3GW, exporting electricity directly to Singapore. Recently, PTSC was officially awarded the bid for the Wind Measurement, Hydrology and Geological Survey Package for this Project.
To prepare resources for the offshore renewable energy race, Petrovietnam has been proactively building a domestic supply chain including potential units in the industry, such as: PTSC, Vietsovpetro, VPI, PVE, PETROSETCO, PV Drilling, PVC-MS, PV Shipyard, etc. Petrovietnam's key units in design, manufacture, construction and operation of offshore oil and gas projects such as PTSC, Vietsovpetro, PETROCONs have been assigned to research and establish a consortium to develop the offshore renewable energy value chain, with available capacity, experience, and infrastructure, enhancing cooperation, promoting each other's capacity, and coordinating to seek opportunities to participate in offshore renewable energy projects at home and abroad.
Petrovietnam leaders introduced to Prime Minister Pham Minh Chinh the possibility of participating in the offshore wind power sector.
Petrovietnam Chairman of the Board of Directors Le Manh Hung affirmed that in the near future, the oil and gas technical services sector will be the Group's new growth driver, alongside the electricity and renewable energy, petrochemical, gas industry sectors... In 2024, the service sector is focusing on implementing many large projects such as the Block B Gas-Power Project Chain, preparing to develop renewable energy projects... Therefore, service units need to continue to strengthen governance, develop and expand markets, prepare resources to deploy new industries such as renewable energy in addition to traditional industries; along with that, focus on building a digital platform to serve digital transformation to improve work productivity; strengthen quality and safety management for services; set more "aspirational" goals, reach out to new markets, with new industries.
Dr. Le Manh Hung – Chairman of the Board of Directors | “Forming linkage chains, building the Petrovietnam ecosystem to promote strength, effectively use assets, resources, and optimize value in the Group is a continuous task. Units in the service sector of Petrovietnam need to continue to exchange, seek cooperation opportunities, build and develop linkage chains to maximize the resources and strengths of the units, thereby building and developing the service sector more and more firmly, becoming a new growth driver of the Group in the future”. |
Truc Lam
Source: https://www.pvn.vn/chuyen-muc/tap-doan/tin/844ff2af-24a1-461a-8a51-bf407fa45890
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