Parker Drilling Company Pioneers New Market in Vietnam

Strategic Insights -

Parker Drilling Company, a subsidiary of Parker Drilling International Ltd., is set to become the first Western drilling contractor to work on-land in Vietnam, marking a significant milestone in the company's history. The announcement was made at Parker's annual meeting of stockholders, where it was revealed that the company will drill two wells south of Hanoi for the Australian oil company Anzoil NL. This move underscores the vast potential of Vietnam as an energy-rich country, with previous offshore discoveries made nearby hinting at significant reserves.

Key Takeaways:

  • Parker Drilling Company's subsidiary, Parker Drilling International Ltd., will be the first Western drilling contractor to work on-land in Vietnam.
  • The company will drill two wells south of Hanoi for the Australian oil company Anzoil NL, with a rig to be mobilized from the Philippines next month.
  • Parker Drilling has a long history of pioneering new drilling markets, having been the first American land drilling contractor to work in the People's Republic of China in 1980 and the first Western drilling contractor to work in the former Soviet Union in 1991.
  • The company's international operations employ 2,400 people worldwide, with a presence established in other energy-rich countries such as Kazakhstan.
  • The contract for the drilling project was not publicly disclosed, but the operator is hopeful that significant reserves will be found.

Statistics:

  • Parker Drilling operates in 29 countries worldwide, with 2,400 employees globally.
  • The company has been involved in drilling operations in China since 1980 and in the former Soviet Union since 1991.
  • Kazakhstan, another energy-rich country, was entered by Parker Drilling in 1992.
  • The company's international operations span multiple regions, including Asia, Africa, and the Americas.

Sources:

  • (PRNewswire), "Paulson Says There Is Real Possibility of a Dream Collapse; Growth Authors Slams Critics, Says...," December 13, 1995, 13:49 EST
  • (PKD) CO: Parker Drilling Company ST: Oklahoma IN: OIL SU: DW