PVS: ST-9P Well at Su Tu Trang Field Achieves First Commercial Gas Flow at 30 MMcf/d

Overview

The ST-9P well at the Su Tu Trang field, operated by PVEP Cuu Long, has achieved first commercial gas flow at over 30 million cubic feet per day (MMcf/d), surpassing initial expectations. This milestone marks the successful start of the Phase 2B development, which is critical for gas supply to power plants in Southeast Vietnam. The well also produces over 6,000 barrels of condensate per day. The project involves Petrovietnam, PVEP, and partners, and is expected to enhance energy security and economic returns.

Key Facts

• First commercial gas flow from ST-9P well at over 30 MMcf/d, exceeding expectations.
• Condensate production exceeds 6,000 barrels per day.
• Well completed one day ahead of schedule despite HPHT conditions and total loss of drilling fluid.
• Next well ST-10P is scheduled for production in September 2026, followed by ST-4PST in November 2026.
• The Phase 2B development includes drilling three wells in 2026.
• Gas from Su Tu Trang Phase 2B will supply Phu My and Nhon Trach gas-fired power plants.
• The project is operated by PVEP Cuu Long, a subsidiary of PVEP (Petrovietnam Exploration and Production Corporation).

What Happened

The ST-9P well at the Su Tu Trang field in Block 15-1, Cuu Long Basin, has achieved first commercial gas flow at a rate exceeding 30 MMcf/d, along with condensate production of over 6,000 barrels per day. The operator, PVEP Cuu Long, reported that technical parameters were positive and exceeded expectations. The well was completed one day ahead of schedule despite challenging high-pressure, high-temperature (HPHT) conditions, total loss of drilling fluid, and supply chain delays of up to 16 months for specialized equipment.

According to the plan, PVEP Cuu Long will continue drilling to bring ST-10P online in September 2026 and ST-4PST in November 2026. The early completion of ST-9P and the full drilling program in 2026 set the stage for the Su Tu Trang Phase 2B project. The gas sales agreement (GSPA) for Phase 2B was previously signed between Petrovietnam, PVEP, and partners.

Market Context

On the trading day of June 30, 2026, PVS closed at VND 38,100 (-1.04%) on HOSE, with volume of 1.4 million shares. PVD closed at VND 32,800 (+0.46%) and GAS at VND 77,400 (-0.39%). The oil and gas sector has been under pressure from global energy price volatility, but domestic gas projects like Su Tu Trang provide long-term visibility for service companies. PVS, as a key provider of technical services for the oil and gas industry, stands to benefit from increased drilling and production activity.

Strategic Significance

The successful first gas from ST-9P validates PVEP’s operational capability in complex HPHT environments and de-risks the Phase 2B development. For PVS, which provides drilling and technical services, this project represents a steady revenue stream over the next two years as three wells are drilled. The gas supply to Phu My and Nhon Trach power plants supports Vietnam’s energy security amid rising demand in the Southeast region. The project also strengthens the value chain from upstream gas production to power generation, benefiting multiple stakeholders including Petrovietnam and its subsidiaries.

What to Watch

• Progress of ST-10P well drilling and its scheduled first gas in September 2026.
• Any updates on the ST-4PST well timeline and potential acceleration.
• PVS and PVD quarterly earnings reports for revenue contributions from Su Tu Trang Phase 2B.
• Gas sales agreement (GSPA) terms and any adjustments to pricing or volume.
• Broader oil and gas sector performance and foreign investor interest in Vietnamese energy stocks.