nha cai 188bet Signing PSC Block 15-1: Ensuring sustainable production output of Petrovietnam

This is an important event, affirming nha cai 188bet determination and capacity of nha cai 188bet Vietnam National Oil and Gas Group ( Petrovietnam ) in continuing to promote oil and gas exploration and exploitation activities, contributing to stabilizing nha cai 188bet country's energy supply.

Block 15-1 is one of nha cai 188bet oil and gas blocks of special strategic significance for nha cai 188bet exploration and exploitation activities of Petrovietnam and nha cai 188bet Oil and Gas Exploration and Production Corporation (PVEP).

Initially, Block 15-1 was operated under a joint venture model, bringing together five international and domestic partners, including PVEP, ConocoPhillips Cuu Long (UK), KNOC and SK (Korea) and Geopetrol (Monaco). Later, Perenco (France - UK) took over nha cai 188bet capital of ConocoPhillips to continue its operating role.

Under nha cai 188bet form of joint operation through Cuu Long Joint Operating Company (Cuu Long JOC), this is one of nha cai 188bet rare "large-scale" joint ventures in nha cai 188bet Vietnamese oil and gas industry.

In nha cai 188bet newly signed PSC, PVEP holds 59%, Perenco holds 19.8%, KNOC holds 11.4%, SK holds 7.2% and Geopetrol holds 2.6%.
Today’s signing ceremony officially kicks off Phase 2B of nha cai 188bet White Lion Project, a major $1.3 billion investment, said a Perenco representative. This is not just a commercial agreement, but also a major step towards ensuring energy security for Vietnam. When completed, nha cai 188bet project will supply 125 billion standard cubic feet of natural gas per day to nha cai 188bet domestic market.

In nha cai 188bet newly signed PSC, PVEP holds 59%, Perenco holds 19.8%, KNOC holds 11.4%, SK holds 7.2% and Geopetrol holds 2.6%. Compared to nha cai 188bet previous PSC, PVEP's holding ratio has increased by 9% and other partners have also made adjustments.

Since its discovery and development, Block 15-1 has continuously contributed large production output, high economic efficiency and played a role as one of nha cai 188bet pillars of national oil and gas production over nha cai 188bet past many years.

In 2003, nha cai 188bet first oil was extracted from nha cai 188bet Black Lion field, quickly turning this area into one of nha cai 188bet bright spots in Vietnam's offshore oil and gas production, with estimated reserves of about 600 million barrels of oil, second only to nha cai 188bet White Tiger field.

Minister of Industry and Trade Nguyen Hong Dien awarded nha cai 188bet investment certificate to nha cai 188bet joint venture.
After Black Lion, nha cai 188bet Golden Lion (exploited since 2005), White Lion (since 2012) and Brown Lion (since 2008) mines were developed in turn. Each project became a new lesson in technology, resources and optimal exploitation strategy. nha cai 188bet entire mine cluster forms a synchronous, most modern exploitation - processing - transportation system in Vietnam, with CPP, FPSO platforms, WHP platforms and a seamless pipeline system.

Block 15-1 is located in nha cai 188bet Cuu Long basin in nha cai 188bet southern mainland of Vietnam, including nha cai 188bet oil and gas fields being exploited: Black Lion, Golden Lion, Brown Lion and White Lion. This is one of nha cai 188bet oil and gas blocks with large reserves and was put into exploitation nha cai 188bet earliest in Vietnam.
Project Lot 15-1 has achieved remarkable achievements:
- December 2027 reaches 100 million barrels of oil
- March 2011 reached 200 million barrels
- June 2016 reached 300 million barrels
- 2019 reached 350 million barrels
- November 11, 2022 reached 400 million barrels.
By 2024, nha cai 188bet total output of nha cai 188bet project will be more than 426 million barrels and more than 216 billion cubic feet of gas, bringing in total revenue of more than 31 billion USD, of which nha cai 188bet contribution to nha cai 188bet State budget will be more than 15 billion USD.
It should be added that not many offshore oil and gas blocks in Vietnam possess both large-scale commercial oil and gas fields. Block 15-1 is one of nha cai 188bet few rare exceptions. Here, oil fields such as Black Lion, Golden Lion, and Brown Lion operate in parallel with nha cai 188bet White Lion gas field - creating an integrated exploitation ecosystem, optimizing both technical infrastructure and operational efficiency.

Thanks to its diversified exploitation structure, Block 15-1 not only provides stable crude oil to nha cai 188bet domestic market through Dung Quat Oil Refinery but also brings natural gas ashore to serve nha cai 188bet gas industry in nha cai 188bet Southeast region. This dual role has made Block 15-1 one of nha cai 188bet strategic pillars in nha cai 188bet national energy system.

With a series of mines discovered and continuously put into exploitation, Cuu Long Petroleum Operating Company (CLJOC) - nha cai 188bet unit exploiting and developing projects at Block 15-1 has become nha cai 188bet 2nd largest oil exploiter in Vietnam.

Deputy Prime Minister Bui Thanh Son spoke at nha cai 188bet signing ceremony.
Speaking at nha cai 188bet signing ceremony, Deputy Prime Minister Bui Thanh Son said that Block 15-1 has been in operation for 27 years, has exploited about 430 million barrels of oil, achieved total revenue of over 31 billion USD and paid nearly 15 billion USD to nha cai 188bet state budget. These are very impressive figures, not only demonstrating nha cai 188bet economic efficiency of nha cai 188bet industry, but also an important contribution to nha cai 188bet socio-economic development of nha cai 188bet country in recent years.

According to nha cai 188bet Deputy Prime Minister, Vietnam continues to persistently and consistently implement nha cai 188bet reform policy; proactively and actively integrate into nha cai 188bet international community; and set nha cai 188bet goal of becoming a developing country with modern industry and high average income by 2030; and becoming a developed country with high income by 2045. Accordingly, Vietnam strives to achieve a growth rate of over 8% in 2025 and double digits in nha cai 188bet next period, preparing to enter nha cai 188bet "New Era - nha cai 188bet era of national development".

nha cai 188bet newly signed contract will facilitate nha cai 188bet continued efficient exploitation of existing mines, while opening up opportunities to discover and develop new potential structures in nha cai 188bet area.

Maintaining and expanding exploitation activities at Block 15-1 also contributes to ensuring national energy security, while maintaining Vietnam's strong presence in sovereign waters.

“In nha cai 188bet coming time, nha cai 188bet demand for energy for development is very large, clearly shown in nha cai 188bet recent Adjustment of nha cai 188bet 13th Power Plan. nha cai 188bet early and highly effective implementation of key energy projects, oil and gas projects, and important oil and gas contracts, such as PSC Block 15-1 today, plays a very important role in contributing to achieving nha cai 188bet goals of developing nha cai 188bet national oil and gas industry, ensuring energy security and socio-economic development of nha cai 188bet country,” Deputy Prime Minister Bui Thanh Son emphasized.

Currently, PVEP - Petrovietnam's main unit in nha cai 188bet field of exploration and exploitation - continues to assume nha cai 188bet role of operator at many key oil and gas fields, of which Block 15-1 is a typical example of mine management capacity and operational efficiency. With nha cai 188bet experience accumulated from nha cai 188bet exploitation process at Bach Ho, Rong, Su Tu Den, Su Tu Vang, etc., continued investment in Block 15-1 promises to create great added value for nha cai 188bet Vietnamese oil and gas industry in nha cai 188bet coming period.

nha cai 188bet signing of nha cai 188bet PSC contract for Block 15-1 continues to affirm nha cai 188bet correct policy of nha cai 188bet Party and State on effectively exploiting oil and gas resources, associated with developing nha cai 188bet marine economy and preserving national sovereignty. At nha cai 188bet same time, this is also a concrete step in realizing nha cai 188bet Petroleum Law 2022 towards nha cai 188bet goals of developing sustainable and modern national energy.