The trend of energy transition to reduce emissions and develop a green economy has posed many urgent requirements for Petrovietnam to expand into offshore wind power projects.
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| Ceremony of receiving license to survey offshore wind power project in Vietnam for PTSC - Sembcorp joint venture. |
Offshore wind power export opportunities
PTSC (a member of Petrovietnam) has been involved in the offshore wind power value chain for 3 years now. To date, the company has won bids for more than 10 offshore wind power projects with a total generating capacity of 5,200MW, a total contract value of more than 1.2 billion USD; creating direct jobs for more than 4,000 workers.
This is also the only Vietnamese company that has won international bids to construct offshore wind power bases and wind power transformer stations for foreign investors. Many bases and mechanical components manufactured by PTSC have been exported to Taiwan (China) and Nordic countries.
Notably, at the end of August, PTSC and its partner Sembcorp Utilities Pte. Ltd. (SCU) of Singapore held a contract award ceremony for wind measurement, hydrology and geological research survey packages for the offshore renewable energy export project from Vietnam to Singapore.
This is a strategic cooperation project between the two countries in the field of clean energy. The project was launched in early 2023, when the two sides signed a joint development agreement (JDA) on investment cooperation and exporting clean electricity to Singapore from offshore renewable energy sources in Vietnam. This is also a pilot project of the Vietnamese Government in the field of offshore wind power, contributing to the goal of reducing greenhouse gas emissions and enhancing energy security of the country and the region.
The successful implementation of this package will provide a foundational database for the design, construction and operation of an offshore wind farm in Vietnam with an initial expected capacity of 2,300 MW; direct electricity export to Singapore via a high-voltage submarine cable across the sea... According to PTSC, as soon as the authorities support, PTSC will launch the project to be able to have commercial electricity before 2035.
Mr. Le Manh Hung, Chairman of the Board of Directors of Petrovietnam, emphasized that the project is a strong step forward in contributing to the goal of achieving net zero emissions by 2050, clearly reflecting the determination of the Vietnamese Government in implementing the Power Plan VIII.
According to the Power Plan VIII approved by the Prime Minister in May 2023, by 2030, offshore wind power capacity serving domestic electricity demand will reach about 6,000 MW; the scale can be increased further in case of rapid technology development, reasonable electricity prices and transmission costs. By 2050, the total offshore wind power capacity is expected to reach 70,000 - 91,500 MW.
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| Petrovietnam currently has a workforce of nearly 60,000 highly qualified workers who can act as investors, EPCI general contractors, and contractors providing high-quality technical services to serve offshore projects. In the photo: BIENDONG POC workers perform equipment maintenance on the Hai Thach rig. |
Along with PTSC, Vietsovpetro is also one of the units identified as having a lot of potential and strengths to participate in the offshore wind power sector. Because, Vietsovpetro possesses good financial resources, high-quality human resources, good understanding of offshore technology, suitable equipment and infrastructure, seaport system, logistics services, service fleet, etc.
Promoting Petrovietnam's strengths
Recently, Vietsovpetro, PTSC... have signed memorandums of understanding, confidentiality agreements, bilateral cooperation, and survey/service provision contracts with offshore wind power investors around the world.
Petrovietnam leaders affirmed that Petrovietnam's strength when participating in energy transition in general and offshore wind power in particular is that Petrovietnam is the only enterprise in Vietnam that has national seabed geological data collected and stored during the process of surveying, searching, and exploring oil and gas. These are work items regularly performed in oil and gas activities and pre-feasibility studies of offshore wind power projects.
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| Petrovietnam is actively participating in the supply chain and developing offshore wind power projects in Vietnam. In the photo: Offshore wind power base construction site at PTSC port. |
In addition, Petrovietnam owns almost complete infrastructure and equipment to serve the offshore wind power sector with large-scale ports and manufacturing yards such as: Sao Mai - Ben Dinh port, Vietsovpetro, PTSC M&C, PVShipyard, Dung Quat, Nghi Son, Dinh Vu. Petrovietnam's units such as: PTSC, Vietsovpetro, PVTrans ... currently own and manage a fleet of nearly 100 service vessels, diverse in capacity and type. Along with that, Petrovietnam has a workforce of nearly 60,000 high-quality workers who can be investors, EPCI general contractors, contractors providing high-quality technical services, serving offshore projects.
In particular, Petrovietnam also has strong financial capacity, manages many large-capital projects, has mutual linkages in the oil and gas value chain, has extensive cooperation with foreign partners in the energy sector, and has many opportunities to cooperate and acquire knowledge and technology on advanced energy transition in the world.
Thus, with more than 3,200 km of coastline and a total sea area of about 1 million km2, Vietnam has the largest potential for offshore renewable energy development in Southeast Asia, up to 599,000 MW.
When new energy sources are exploited effectively, Vietnam can combine the goals of socio-economic growth, energy security, national defense security, sovereignty over seas and islands, industrialization with low carbon emissions towards the goal of net zero emissions by 2050.
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