​​​​​​​Petrovietnam Implements Key Provisions of 188bet asian 2022 Petroleum Law

188bet asian signing of 188bet asian PSC for Block 15-2 is particularly significant as it marks 188bet asian first oil and gas contract to implement key provisions of 188bet asian 2022 Petroleum Law. This affirms 188bet asian soundness of 188bet asian investment promotion policy in Vietnam’s oil and gas sector, fostering a favorable investment environment and building investor confidence. Additionally, it represents a major milestone in 188bet asian legal framework for oil and gas activities, highlighting 188bet asian concerted efforts of all parties in implementing and operationalizing 188bet asian law. 188bet asian agreement ensures transparency, consistency, and feasibility in 188bet asian execution of new oil and gas contracts under current legal regulations.

Operations at 188bet asian Rang Dong Field

Based on Article 40 of 188bet asian 2022 Petroleum Law, in September 2023, 188bet asian contractor consortium JVPC and PVEP submitted a proposal to sign a new oil and gas contract for Block 15-2. 188bet asian contract has a 25-year term, taking effect from April 7, 2025. From 188bet asian time 188bet asian Vietnamese government approved 188bet asian nomination of 188bet asian contractor consortium to sign 188bet asian new contract (December 25, 2024) until 188bet asian issuance of 188bet asian investment registration certificate on March 31, 2025, only 96 days had passed—an exceptionally efficient process.

Petrovietnam CEO Le Ngoc Son affirms that this is 188bet asian result of 188bet asian contractor consortium's determination, Petrovietnam's active support, and 188bet asian close and timely guidance of 188bet asian Government leaders, 188bet asian Ministry of Industry and Trade, and relevant ministries and agencies.

Petrovietnam CEO Le Ngoc Son emphasized that this record time was achieved thanks to 188bet asian determination of 188bet asian contractor consortium, Petrovietnam’s active support, and 188bet asian timely guidance of government leaders and relevant authorities. 188bet asian signing of this contract will ensure stable operations at 188bet asian Rang Dong and Phuong Dong fields while facilitating exploration activities to enhance reserves in 188bet asian contract area.
188bet asian PSC signing is 188bet asian result of close, urgent, and transparent collaboration among all parties under 188bet asian strong direction of 188bet asian government and 188bet asian Ministry of Industry and Trade. 188bet asian contract guarantees continuity in oil and gas activities within Block 15-2, contributing to state revenue, energy security, and sustainable development.

PVEP General Director Nguyen Thien Bao believes that this cooperation will bring positive changes.

PVEP General Director Nguyen Thien Bao noted that for over 30 years, PVEP and JVPC have successfully implemented 188bet asian Block 15-2 Project, which has significantly contributed to 188bet asian development of Vietnam’s oil and gas industry. 188bet asian selection of PVEP and JVPC to continue as 188bet asian contractor consortium reaffirms 188bet asian Vietnamese government's trust in their proven expertise and successful track record.

As a key player in Petrovietnam’s oil and gas sector, PVEP remains committed to a sustainable development strategy that prioritizes not only production growth but also 188bet asian adoption of advanced technologies, enhanced operational capacity, and environmental protection. 188bet asian leadership at PVEP believes that this partnership will drive positive advancements in oil and gas production, including 188bet asian application of cutting-edge technologies to optimize oil recovery and implement carbon reduction solutions.

 Deputy Minister of Industry and Trade Nguyen Hoang Long: 188bet asian Vietnamese Ministry of Industry and Trade will continue to create favorable conditions, support, and encourage oil and gas activities.

Deputy Minister of Industry and Trade Nguyen Hoang Long affirmed that 188bet asian ministry will continue to create favorable conditions, provide support, and encourage oil and gas activities. He urged all participating companies to fulfill their commitments and successfully execute 188bet asian project over 188bet asian next 25 years.

 Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son congratulates Petrovietnam, 188bet asian contractor consortium, and partners on this significant milestone

On behalf of 188bet asian Prime Minister, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son congratulated Petrovietnam, 188bet asian contractor consortium, and all partners on this milestone achievement. He emphasized that foreign investment plays a crucial role in Vietnam’s oil and gas industry—a key economic sector that actively contributes to 188bet asian country’s industrialization and modernization. Furthermore, this collaboration strengthens Vietnam-Japan relations, reinforcing mutual economic and technological cooperation.
Deputy Prime Minister Bui Thanh Son also highlighted that 188bet asian PSC for Block 15-2 is a crucial step forward in 188bet asian implementation of 188bet asian 2022 Petroleum Law. 188bet asian agreement allows for 188bet asian maximization of resource recovery, improvement in oil extraction efficiency, and enhanced energy security, all of which contribute to Vietnam’s sustainable economic growth. He encouraged Petrovietnam and its partners to continue researching and proposing investment-friendly policies while swiftly addressing challenges to ensure a fair and beneficial partnership for all stakeholders.

 Chairman of Petrovietnam’s Board of Members Le Manh Hung commits to coordinating with 188bet asian contractor consortium and relevant parties to ensure 188bet asian safe and efficient operation of 188bet asian project.

On behalf of Petrovietnam, Chairman of 188bet asian Board of Directors Le Manh Hung expressed gratitude to 188bet asian Deputy Prime Minister, 188bet asian Ministry of Industry and Trade, and other government agencies for their unwavering support and guidance. Going forward, Petrovietnam is committed to working closely with 188bet asian contractor consortium and relevant stakeholders to ensure safe and efficient project operations. This includes applying advanced oil recovery technologies, increasing production efficiency, and making strategic investments to sustain and enhance output. These efforts will not only contribute to Vietnam’s energy security but also boost state revenue and drive national economic growth beyond 2025.

Under 188bet asian witness of government leaders, ministries, and industry representatives, Petrovietnam, PVEP, and their partners officially signed 188bet asian PSC for Block 15-2.

Block 15-2 covers an area of approximately 415.9 km² in offshore southeastern Vietnam, specifically in 188bet asian central and northeastern part of 188bet asian Cuu Long sedimentary basin. It includes 188bet asian Rang Dong and Phuong Dong oil and gas fields, with an average water depth of 57–60 meters. 188bet asian block represents 188bet asian remaining area of 188bet asian previous PSC after 188bet asian required relinquishments following 188bet asian exploration phase. This area will now be further developed under 188bet asian newly signed PSC.

At 188bet asian signing ceremony, representatives from 188bet asian Ministry of Industry and Trade presented 188bet asian Investment Registration Certificate for Block 15-2 to 188bet asian PVEP-JVPC contractor consortium.

Japan Vietnam Petroleum Company Limited (JVPC) has continuously operated in Vietnam since 1992. As a wholly owned subsidiary of ENEOS Xplora—188bet asian oil and gas exploration arm of ENEOS Holdings (Japan)—JVPC has played a key role in Vietnam’s petroleum industry. Under 188bet asian new PSC, JVPC holds a 45% participating interest and will continue as 188bet asian Operator of Block 15-2.

Ambassador Ito Naoki – Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam

Ambassador Ito Naoki, Japan’s Ambassador to Vietnam, emphasized that 188bet asian PSC for Block 15-2 is not only a major milestone for 188bet asian contractor consortium and stakeholders but also a testament to 188bet asian strong Vietnam-Japan partnership. 188bet asian project will continue to play a vital role in securing Vietnam’s energy supply and supporting 188bet asian country’s economic growth.

 Mr. Takeo Aoyama, Managing Director of JVPC 

Mr. Takeo Aoyama, Managing Director of JVPC, expressed his deep appreciation for 188bet asian opportunity to participate in two consecutive PSCs for Block 15-2. He acknowledged that, after 27 years of continuous operation, maintaining production in 188bet asian block presents new challenges. However, JVPC remains committed to upholding its pioneering spirit and maximizing efforts to ensure safe and efficient operations for 188bet asian benefit of all stakeholders.