Petrovietnam and its joint venture partners have officially signed the Product Sharing Contract (PSC) for Block 15-1 in the southern continental shelf of Vietnam.
This is an important event, affirming the determination and capacity of the Vietnam National Oil and Gas Group ( Petrovietnam ) in continuing to promote oil and gas exploration and exploitation activities, contributing to stabilizing the country's energy supply.
Block 15-1 is one of the oil and gas blocks of special strategic significance for the exploration and exploitation activities of Petrovietnam and the 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 the capital of ConocoPhillips to continue its operating role.
Under the form of joint operation through Cuu Long Joint Operating Company (Cuu Long JOC), this is one of the rare 'large-scale' joint ventures in the Vietnamese oil and gas industry.
In the 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 the 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, the project will supply 125 billion standard cubic feet of natural gas per day to the domestic market.
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Source: Petrovietnam
