Oil exploration and discovery in the basement rocks of Bach Ho field: Documentation, facts and lessons

2021 ◽  
Vol 11 ◽  
pp. 37-44
Author(s):  
Van Hoi Tran ◽  
Van Duc Nguyen ◽  
Xuan Son Pham
Keyword(s):  
Joint Venture ◽  
Oil And Gas ◽  
Rapid Development ◽  
Oil And Gas Industry ◽  
Study Data ◽  
Basement Rock ◽  
Industrial Oil ◽  
Gas Market ◽  
Total Oil ◽  
Granite Basement

During the 40 years of operation and development (1981 - 2021), the Vietnam - Russia Joint Venture "Vietsovpetro" has witnessed many historical milestones, but the discovery of industrial oil for the first time from the fractured and weathered granite basement at exploration well BH-6 on 11 May 1987 is the most important one. From the first oil in the basement rock of Bach Ho field, Vietsovpetro consecutively discovered industrial oil in other fields in its area of operation, such as Dong Bac Rong (1991), Dong Nam Rong (1995), Nam Rong (2005), Nam Trung Tam Rong (2006), etc. At the beginning of 2018, the 2P (P1+P2) oil reserve from the basement rock accounted for 74% of Vietsovpetro's total balanced reserves at that time. As of 1 October 2021, the total oil produced from the basement reached 235 million m3 (195 million tons), accounting for 86% of Vietsovpetro's total oil output. Being encouraged by the success and experience of Vietsovpetro, other domestic and foreign oil and gas companies (PVEP, JVPC, Talisman, and Petronas, etc.) have explored and discovered oil and gas from the granite basement and put the fields of Rang Dong, Su Tu Den, Hong Ngoc, and Hai Su Den, etc. into operation. This fact has, at the same time, created a strong attraction for domestic and foreign investors, making important contributions to the rapid development of Vietnam's oil and gas industry which was still very young at the time. The above-mentioned shows that it is time to study data and documents, draw lessons from success and failure gained during the 40 years of basement exploration. The outcomes should be used as a basis to formulate an appropriate exploration strategy for Vietsovpetro in the coming decades with strong fluctuations in the oil and gas market expected, and the inevitable depletion of non-renewable resources worldwide.

How to avoid aches and pains in your joint ventures

2016 ◽  
Vol 56 (2) ◽  
pp. 559
Author(s):  
Brent Steedman
Keyword(s):  
Joint Ventures ◽  
Joint Venture ◽  
Oil And Gas ◽  
Cost Savings ◽  
Oil And Gas Industry ◽  
Capital Allocation ◽  
Operating Efficiency ◽  
Global Business ◽  
Gas Industry ◽  
The Right

The Australian oil and gas industry is in a period of substantial challenges, including a significant decline in oil prices, fluctuating spot gas prices, a relentless drive for operating efficiency, and tight capital allocation, together with increased regulatory scrutiny and a reputation for below-standards productivity. On the upside, these market challenges provide significant opportunities for companies to bring in new investors, implement new operating models, apply innovation to update processes and practices, and restructure activities. Making material step-changes, requires companies to review, amend, and update joint venture operating agreements (JVOAs). KPMG has worked with many of Australia’s leading oil and gas companies on a range of joint venture engagements. This extended abstract outlines why JVOAs need to be reviewed with respect to the following key opportunities and challenges: Fast-changing global business operating models. Available cost savings by eliminating inconsistent management and operating models between joint ventures. Planning for potential restructuring, including separation of infrastructure (e.g. plants, pipelines, support) from reserve ownership. Sharing of services (e.g. maintenance and logistics) between unrelated joint ventures. Transparency of costs and asset performance. Improved joint venture governance (not more or over-governance) between participants to attract investment. Effective resourcing, noting the right transition of capabilities between deal-makers and joint venture operators. With this extended abstract the authors aim to provide ideas for consideration. Each of these ideas will impact JVOAs. The authors’ proposition is that now is the right time to complete a comprehensive review of JVOAs to enable organisations to move fast as new and innovative opportunities arise.

scholarly journals Cost and managerial accounting of joint activities related to the use of fixed assets

2018 ◽  
pp. 84-93
Author(s):  
Zenovii Zadorozhnyi ◽  
Valentyna Orlova ◽  
Sofiia Kafka
Keyword(s):  
Joint Venture ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Separate Entity ◽  
Managerial Accounting ◽  
Joint Operation ◽  
Gas Industry ◽  
Joint Activities ◽  
Fixed Assets ◽  
Joint Operations

The research paper reveals the essence of the concepts of joint activity, joint operation, and joint venture. A set of key features for classification of joint activities is identified and their impact on accounting of joint activities is assessed. The article also reviews the essential elements of accounting of joint activities in the light of International Financial Reporting Standards (IFRS), and characterizes the process of recording accounting entries related to basic operations, which depend on organizational forms of joint activities (a joint venture or a joint operation, with or without a separate entity). The paper provides a detailed description of three options for accounting of joint activities classified as joint operations, namely: joint operations without a separate entity; joint operations with a separate entity but without legal personality; a legal unit. Besides, a number of particular characteristics of measuring financial results from selling and purchasing assets within joint operations are identified. It is pointed out that one of the ways of effective use of fixed assets is promoting the implementation of managerial ac- counting of joint activities and internal reporting procedures of the results achieved. It is suggested that domestic enterprises of oil and gas industry should expand the practice of joint activities in order to effectively use fixed assets for oil and gas extraction and transportation. Before conducting joint activities, it is recommended that oil and gas industry enterprises compile initial calculations of their profitability at the level of managerial accounting. In the study, the following general and specific scientific methods of obtaining knowledge on economic phenomena are used: generalization, grouping and comparison, analysis, synthesis, induction and deduction, etc.

scholarly journals Independent Operations, Obligatory Operations and Challenge of Operator Provisions in Joint Venture Agreements

1970 ◽  
Vol 8 (2) ◽  
pp. 216
Author(s):  
W. G. Brown
Keyword(s):  
Joint Action ◽  
Joint Venture ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry

Although the concept of a joint venture is one of joint action, joint venture agreements in use in the oil and gas industry contain provisions for independent operations. This article discusses the need for independent operations clauses, the types of independent operations clauses, including obligatory operations clauses, the types of penalties and general problems which should be considered in the drafting of independent operations clauses. The article concludes with an analysis of the challenge of operator provisions in joint operating agreements.

Case Study ROP Modeling Using Random Forest Regression and Gradient Boosting in the Hanover Region in Germany

2020 ◽  
Author(s):  
Patrick Höhn ◽  
Felix Odebrett ◽  
Carlos Paz ◽  
Joachim Oppelt
Keyword(s):  
Random Forest ◽  
Data Science ◽  
Oil And Gas ◽  
Large Data ◽  
Oil And Gas Industry ◽  
Study Data ◽  
Gradient Boosting ◽  
Data Sets ◽  
Lower Saxony ◽  
Drilling Performance

Abstract Reduction of drilling costs in the oil and gas industry and the geothermal energy sector is the main driver for major investments in drilling optimization research. The best way to reduce drilling costs is to minimize the overall time needed for drilling a well. This can be accomplished by optimizing the non-productive time during an operation, and through increasing the rate of penetration (ROP) while actively drilling. ROP has already been modeled in the past using empirical correlations. However, nowadays, methods from data science can be applied to the large data sets obtained during drilling operations, both for real-time prediction of drilling performance and for analysis of historical data sets during the evaluation of previous drilling activities. In the current study, data from a geothermal well in the Hanover region in Lower Saxony (Germany) were used to train machine learning models using Random Forest™ regression and Gradient Boosting. Both techniques showed promising results for modeling ROP.

Making joint ventures work

2013 ◽  
Vol 53 (2) ◽  
pp. 464
Author(s):  
David Ibels ◽  
Marc Van Grondelle ◽  
Jonathon Peacock ◽  
Jonathan Smith
Keyword(s):  
Joint Ventures ◽  
Joint Venture ◽  
Oil And Gas ◽  
Warning Signs ◽  
Global Perspective ◽  
First Year ◽  
Cost Overruns ◽  
Oil Companies ◽  
Scant Attention ◽  
Gas Market

No LNG capital project in Australia can survive without excelling in joint ventures; yet, the practicalities of them are often overlooked. The Australian oil and gas market has some of the most complex joint-venture arrangements in the world, and there is much we can learn from a global perspective about how to make them work. Too often, joint ventures are forced marriages between two or more parties who misunderstand each other and have widely differing aims. Organisations often rely too much on the joint-venture agreement, devote too few resources to the venture itself, and pay scant attention to any warning signs of trouble. The authors see that international oil companies typically have about 30–40% of their portfolios tied up in joint ventures. This is set to grow to about 70–80% during the next 5–8 years as they enter new territories in the hope of securing new resources. Although joint ventures are familiar ground for oil and gas companies, such operators often struggle to make them work. Cost overruns, schedule delays, compliance issues, renegotiations, and erosions of value are common. There are, however, ways to make joint ventures work more effectively, including: knowing what is expected of all parties and monitoring these expectations; improving transparency of information between joint-venture parties; ensuring expectations are realistic and continuing to validate them; paying particular attention in the first year of a joint venture; proactively strengthening existing joint ventures; and, staffing and resourcing joint ventures with care.

TRENDS IN THE DEVELOPMENT OF THE OIL AND GAS MARKET AND THE MAIN MEASURES OF STATE SUPPORT AIMED AT THE IMPLEMENTATION OF ARCTIC OIL AND GAS PROJECTS

2021 ◽  
Vol 5 (11) ◽  
pp. 31-38
Author(s):  
Igor V. Selin ◽  
◽  
Mikhail V. Ulchenko ◽  
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Production ◽  
State Support ◽  
Gas Industry ◽  
Oil Companies ◽  
Oil Reserves ◽  
Exploration Drilling ◽  
Gas Market ◽  
High Level

This article is devoted to the study of the main trends in the development of the oil and gas market, as well as the transfer of state support aimed at the implementation of Arctic oil and gas projects. The analysis showed that 2020 turned out to be extremely difficult for the oil and gas industry as a whole. The volumes of oil and natural gas production and consumption decreased, and due to a reduction in revenue, large domestic companies began to save on exploration drilling. Given the high level of «depletion» of oil reserves in traditional fields, with an increase in demand, in the short term, domestic oil companies will not be able to quickly increase production volumes and take advantage of favorable market conditions.

scholarly journals Digital oil and gas complex of Russia

Georesursy ◽  
2020 ◽  
pp. 32-35 ◽  
Author(s):  
Anatoliy N. Dmitrievskiy ◽  
Nikolay A. Eremin ◽  
Dina S. Filippova ◽  
Elizaveta A. Safarova
Keyword(s):  
Fiber Optics ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Field Development ◽  
Intelligent Control Systems ◽  
Geological Processes ◽  
Technological Modernization ◽  
Gas Market ◽  
Academy Of Sciences

Digital and technological modernization of the oil and gas industry through the use of innovative technologies and platform solutions, intelligent control systems, domestic “end-to-end” digital technologies will help strengthen Russia’s position in the global oil and gas market. One of the megascience projects being developed at the Institute of Oil and Gas Research Institute of the Russian Academy of Sciences is the creation of a Geosphere Observatory. The Geosphere Observatory is focused on studying the influence of fundamental geological processes (crustal waveguides, fracture centers, etc.) in the mantle and crust of the Earth on the formation of hydrocarbon accumulations and management of field development in real time based on the introduction of advanced technologies in the field of ultra-deep drilling, fiber optics and laser physics, processing large volumes of geo-information (BigGeoData) and the theory of reconfigurable active-passive sensor networks (AntennaGrid).

scholarly journals OIL & GAS INDUSTRY IN BRAZIL: A BRIEF HISTORY AND LEGAL FRAMEWORK

2018 ◽  
Vol 1 (1) ◽  
pp. 223-252
Author(s):  
Laís Palazzo Almada ◽  
Virgínia Parente
Keyword(s):  
Large Scale ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Legal Framework ◽  
Energy Sources ◽  
Gas Industry ◽  
Production Sharing ◽  
Salt Layer ◽  
Gas Market ◽  
Oil Gas

The recently announced discovery of potential large-scale reserves in the Brazilian so called pre-salt layer has resulted in a new legal framework for the country. In this new architecture, old and new regulation share the legal arena. Exploring this context, this paper provides an overview of the emergence and evolution of the oil and gas market in Brazil, and discusses the new legal configuration where the prevailing Concession System co-exists with the Production Sharing System and the Onerous Assignment. The conclusion pinpoints the challenges that the country faces in dealing with two energy sources –oil and gas— that will play an increasing role in Brazil’s future. It also indicates that the introduction of competition also has brought new features and improvements to oil and gas industry in Brazil. Structuring a robust legal framework that will foster the necessary investments is not only a challenge for the Brazilian economy, but also one that has to be tackled by many emergent economies with newly hydrocarbon discoveries.

scholarly journals Current state of the ecosystem of the reservoir cooler (on the example of the Surgut Power Station)

2018 ◽  
Vol 7 (3) ◽  
pp. 113-118
Author(s):  
Elena Aleksandrovna Shornikova ◽  
Gleb Mikhaylovich Kukurichkin
Keyword(s):  
Power Plants ◽  
Oil And Gas ◽  
Rapid Development ◽  
Oil And Gas Industry ◽  
Water Area ◽  
Ecological Condition ◽  
Gas Industry ◽  
Water Object ◽  
Microbiological Methods ◽  
Self Cleaning

Rapid development of an oil and gas industry in the north of Western Siberia in the middle of the 20th century has demanded a significant amount of the electric power. This strategic task was carried out step by step in the neighborhood of Surgut (the largest oil and gas industry center on the Middle Priobye). Two gas-fired power stations have been consistently constructed. The integrated reservoir cooler has been built on the river Chernaya for cooling of circulating water in the system of reverse water supply of power plants. The article presents the assessment of consequences of flooding at construction of the Surgut reservoir. The total area of the water area of a reservoir is 2211 hectares, including 50% of forest, 20% of meadow, 5% of peat bog communities were under flooding. The authors of the paper develop the basic ecological map of the reservoir and neighborhood with the indication of natural and technogenic objects. Moreover they give the results of two years' monitoring of microbial community structure in the coastal zone of the reservoir cooler. They find it is important to provide the assessment of intensity of self-cleaning processes of the water object and analyze the sources of anthropogenic load on the water object. The microbiological methods which important to use for bio indication of an ecological condition of the Surgut reservoir have allowed to estimate the trophic status, to reveal ecologically unsuccessful sites of the water area, and to define intensity of self-cleaning processes in the water body.

Sign in / Sign up

Export Citation Format

Share Document