The signing of the Production Sharing Contract(PSC) for Block 15-1 marks a new chapter in Vietnam’s energy development strategy. With this agreement, state-owned Petrovietnam and its partners reaffirm their commitment to the efficient exploitation of resources on the country’s southern continental shelf.
Exploitation of Block 15-1 for domestic supply
Block 15-1, located in the Cuu Long basin, has been a benchmark in hydrocarbon production since 2003. hydrocarbon production. Reúcele hosts combined oil and gas reserves that have exceeded 426 million barrels and 216 billion cubic feet of natural gas, respectively. Its development has been possible thanks to the collaboration of a joint venture currently led by PVEP (59%), Perenco (19.8%), KNOC (11.4%), SK (7.2%) and Geopetrol (2.6%).
The block structure includes fields such as Black Lion, White Lion, Golden Lion and Brown Lion, operated by Cuu Long JOC. This set of projects has allowed a technically advanced exploitation through CPP platforms, FPSO and WHP networks, which guarantees stability in the production and transportation of hydrocarbons.
The new PSC contract also initiates phase 2B of the White Lion project, with an estimated investment of US$1.3 billion. This phase is expected to add 125 billion standard cubic feet of gas per day to the national supply.
Deputy Prime Minister Bui Thanh Son stressed that the contract consolidates the national policy of rational exploitation of natural resources. He also stressed the need to move towards a modern industry with high growth rates and a strong presence in sovereign waters.
Petrovietnam and PVEP continue to play an essential role in efforts to ensure Vietnam’s energy security. The new PSC allows optimizing the installed infrastructure, opening up the exploration of new structures and increasing operational efficiency in one of the most critical regions of the national oil map.
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Source and photo: PVP
