Petrovietnam Implements Key Provisions of 188bet asia 2022 Petroleum Law
188bet asia signing of 188bet asia PSC for Block 15-2 is particularly significant as it marks 188bet asia first oil and gas contract to implement key provisions of 188bet asia 2022 Petroleum Law. This affirms 188bet asia soundness of 188bet asia 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 asia legal framework for oil and gas activities, highlighting 188bet asia concerted efforts of all parties in implementing and operationalizing 188bet asia law. 188bet asia agreement ensures transparency, consistency, and feasibility in 188bet asia execution of new oil and gas contracts under current legal regulations.
Operations at 188bet asia Rang Dong Field
Based on Article 40 of 188bet asia 2022 Petroleum Law, in September 2023, 188bet asia contractor consortium JVPC and PVEP submitted a proposal to sign a new oil and gas contract for Block 15-2. 188bet asia contract has a 25-year term, taking effect from April 7, 2025. From 188bet asia time 188bet asia Vietnamese government approved 188bet asia nomination of 188bet asia contractor consortium to sign 188bet asia new contract (December 25, 2024) until 188bet asia issuance of 188bet asia 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 asia result of 188bet asia contractor consortium's determination, Petrovietnam's active support, and 188bet asia close and timely guidance of 188bet asia Government leaders, 188bet asia 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 asia determination of 188bet asia contractor consortium, Petrovietnam’s active support, and 188bet asia timely guidance of government leaders and relevant authorities. 188bet asia signing of this contract will ensure stable operations at 188bet asia Rang Dong and Phuong Dong fields while facilitating exploration activities to enhance reserves in 188bet asia contract area.
188bet asia PSC signing is 188bet asia result of close, urgent, and transparent collaboration among all parties under 188bet asia strong direction of 188bet asia government and 188bet asia Ministry of Industry and Trade. 188bet asia 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 asia Block 15-2 Project, which has significantly contributed to 188bet asia development of Vietnam’s oil and gas industry. 188bet asia selection of PVEP and JVPC to continue as 188bet asia contractor consortium reaffirms 188bet asia 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 asia adoption of advanced technologies, enhanced operational capacity, and environmental protection. 188bet asia leadership at PVEP believes that this partnership will drive positive advancements in oil and gas production, including 188bet asia application of cutting-edge technologies to optimize oil recovery and implement carbon reduction solutions.
Deputy Minister of Industry and Trade Nguyen Hoang Long: 188bet asia 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 asia 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 asia project over 188bet asia next 25 years.
Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son congratulates Petrovietnam, 188bet asia contractor consortium, and partners on this significant milestone
On behalf of 188bet asia Prime Minister, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son congratulated Petrovietnam, 188bet asia 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 asia 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 asia PSC for Block 15-2 is a crucial step forward in 188bet asia implementation of 188bet asia 2022 Petroleum Law. 188bet asia agreement allows for 188bet asia 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 asia contractor consortium and relevant parties to ensure 188bet asia safe and efficient operation of 188bet asia project.
On behalf of Petrovietnam, Chairman of 188bet asia Board of Directors Le Manh Hung expressed gratitude to 188bet asia Deputy Prime Minister, 188bet asia 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 asia 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 asia witness of government leaders, ministries, and industry representatives, Petrovietnam, PVEP, and their partners officially signed 188bet asia PSC for Block 15-2.
Block 15-2 covers an area of approximately 415.9 km² in offshore southeastern Vietnam, specifically in 188bet asia central and northeastern part of 188bet asia Cuu Long sedimentary basin. It includes 188bet asia Rang Dong and Phuong Dong oil and gas fields, with an average water depth of 57–60 meters. 188bet asia block represents 188bet asia remaining area of 188bet asia previous PSC after 188bet asia required relinquishments following 188bet asia exploration phase. This area will now be further developed under 188bet asia newly signed PSC.
At 188bet asia signing ceremony, representatives from 188bet asia Ministry of Industry and Trade presented 188bet asia Investment Registration Certificate for Block 15-2 to 188bet asia 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 asia oil and gas exploration arm of ENEOS Holdings (Japan)—JVPC has played a key role in Vietnam’s petroleum industry. Under 188bet asia new PSC, JVPC holds a 45% participating interest and will continue as 188bet asia 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 asia PSC for Block 15-2 is not only a major milestone for 188bet asia contractor consortium and stakeholders but also a testament to 188bet asia strong Vietnam-Japan partnership. 188bet asia project will continue to play a vital role in securing Vietnam’s energy supply and supporting 188bet asia country’s economic growth.
Mr. Takeo Aoyama, Managing Director of JVPC
Mr. Takeo Aoyama, Managing Director of JVPC, expressed his deep appreciation for 188bet asia opportunity to participate in two consecutive PSCs for Block 15-2. He acknowledged that, after 27 years of continuous operation, maintaining production in 188bet asia block presents new challenges. However, JVPC remains committed to upholding its pioneering spirit and maximizing efforts to ensure safe and efficient operations for 188bet asia benefit of all stakeholders.
Vietnam National Energy and Industrial Group (Petrovietnam), established in 1975, is Vietnam’s leading oil and gas corporation, playing a crucial role in ensuring national energy security and contributing significantly to economic growth. Over 188bet asia past 50 years, 188bet asia company has evolved into a fully integrated energy group, spanning exploration, production, refining, petrochemicals, power generation, renewable energy, and high-tech oil and gas services.
ENEOS Xplora, a subsidiary of ENEOS Holdings, is Japan’s largest multi-energy conglomerate, holding a 50% market share in domestic petroleum products. 188bet asia company is a pioneer in carbon capture and storage/utilization (CCS/CCUS) technology, with major projects in 188bet asia U.S., Malaysia, and Vietnam.
PVEP, a wholly owned subsidiary of Petrovietnam, has extensive experience managing 29 domestic and 5 international oil and gas projects. As a key player in Petrovietnam’s exploration and production strategy, PVEP continues to drive innovation and sustainability in Vietnam’s energy sector.