GE Oil & Gas Drilling & Production Technology to Support Development of Gas Fields Offshore Vietnam
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$30 Million Deal Marks Largest Contract for Surface Wellheads and Subsea Trees in Vietnam
Ho Chi Minh, Vietnam - GE Oil & Gas' (NYSE: GE) drilling & production business has been selected to supply high-pressure, high-temperature (HPHT) equipment to Bien Dong Petroleum Operating Company, a subsidiary of the state-run Vietnam Oil and Gas Group (PetroVietnam), for the development of gas fields, offshore Vietnam.
Under a contract of approximately $30 million, GE will provide 16 sets of HPHT surface wellheads and subsea production trees, along with associated equipment and services, for deployment in phase one of the development campaign for blocks 05.2 and 05.3 of the Hai Thach and Moc Tinh gas fields. This marks the largest single contract for surface wellheads and subsea trees in Vietnam by any equipment manufacturer.
Sam Aquillano, vice president-drilling & production, GE Oil & Gas said: "We are honored to supply high-tech equipment to Bien Dong Petroleum Operating Company to support Vietnam's offshore drilling and production operations. This is the largest single contract for surface wellhead and subsea trees in Vietnam, and GE hopes to build on this contract award by continuing to support Vietnam's burgeoning oil and gas industry with high-tech, high-performance equipment and services from across our integrated oil and gas portfolio."
The high-tech equipment, with the capability to operate at 350°F and 15,000 psi, is a first for Vietnam and reinforces GE's position as a leading supplier of surface HPHT and ultra HPHT wellheads and subsea trees in Asia. The contract follows GE's recent agreement with Total Malaysia to supply ultra HPHT equipment (450° F and 15,000 psi).
GE Oil & Gas has a strong local presence in Vietnam for turbomachinery and drilling and production equipment and services support. Last year, GE signed a memorandum of understanding (MOU) with PetroVietnam, paving the way for the future supply of advanced oil and gas equipment, services and spare parts to optimize the total life-cycle value of key oil and gas projects in Vietnam.
This contract further affirms GE's position as a significant wellhead and subsea production tree supplier for surface HPHT and ultra HPHT equipment in Asia and follows a recent award with Total Malaysia for ultra HPHT equipment (450°F and 15,000 psi). GE Oil & Gas has a local presence in Hanoi for turbomachinery equipment and services and in Ho Chi Minh City for VetcoGray subsea equipment and services. GE Oil & Gas also provides advanced technology equipment and services to other high-profile projects in Vietnam, such as the BP Pipeline, Dung Quat Refinery, Phu My Refinery, Camau Fertilizer and Vietsovpetro. Last year, GE Oil & Gas successfully signed an MOU with PetroVietnam outlining the principles and basis of long-term collaboration regarding the supply of advanced oil and gas equipment, services and spare parts to optimize the total life-cycle value of key oil and gas projects.
About GE Oil & Gas
GE Oil & Gas (www.ge.com/oilandgas) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. GE Oil & Gas also provides pipeline integrity solutions, including inspection and data management, and designs and manufactures wire-line and drilling measurement solutions for the oilfield services segment. GE Oil & Gas exploits technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 20,000 people worldwide and operates in over 100 countries.
About GE
GE (NYSE: GE) is an advanced technology, services and finance company taking on the world's toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
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