Petrovietnam marks first oil from Đại Hùng Phase 3

PetroVietnam celebrated the first commercial oil flow from the Phase 3 project of the Đại Hùng oilfield. PetroVietnam acquired the Đại Hùng oilfield in 2003 from international contractors who had deemed it economically unviable and written it off with a book value of just $1. The company faced severe challenges due to low oil prices and technical difficulties, prompting serious considerations to shut down operations.

However, production resumed steadily from 2005. To date, Đại Hùng has produced nearly 75 million barrels of oil. In 2024, the project generated $4 billion in revenue and contributed $600 million in taxes.

The Phase 3 project, launched in 2022, features a wellhead platform installed at a depth of over 110 m. The first commercial oil flow was recorded on May 7, 20 days ahead of schedule, at a rate of 6,000 barrels per day.