Petrovietnam's chairman Lê Mạnh Hùng (left) and other leaders inspect the project site. — Photo courtesy of Petrovietnam

HÀ NỘI — The National Oil and Gas Group (Petrovietnam) on Tuesday initiated the groundbreaking ceremony for the marine construction in the third phase of the Đại Hùng field development project in Bà Rịa-Vũng Tàu Province, alongside commemorating a noteworthy safety milestone with 2.3 million accident-free working hours.

This project, underpinned by investment from the Petrovietnam Exploration and Production Corporation (PVEP) and led by Vietsovpetro as the Engineering, Procurement, Construction and Installation (EPCI) General Contractor, has a substantial total investment exceeding US$400 million.

After obtaining approval on June 23, 2022, the project has continued almost 18 months since the signing of the EPCI contract, initiating construction efforts on November 23, 2022. The successful launch of the Đại Hùng 01 platform on April 17, 2024, represents a crucial milestone, reflecting the unwavering dedication of all stakeholders amid challenging material/equipment procurement and logistical hurdles amplified by the impacts of the COVID-19 pandemic and geopolitical shifts.

The projections for the third phase of the Đại Hùng project are ambitious, foreseeing an oil recovery production of 22 million barrels and 21.4 billion cubic feet of gas, with an expected peak oil flow of approximately 9,000 barrels per day.

Petrovietnam’s chairman Lê Mạnh Hùng has underscored the project's profound significance as a pivotal strategy to prevent the decline in domestic oil and gas extraction output, thereby stimulating post-pandemic economic recovery.

By April 20, 2024, project advancement has soared to around 66.7 per cent, surpassing initial forecasts by 0.6 per cent.

Petrovietnam’s leader praised and recognised the steadfast dedication of PVEP, Vietsovpetro and all associated contractors, eagerly anticipating that the successful completion of the project will significantly bolster the 2024 management agenda and the broader socio-economic progress of the nation. — VNS