Vietnam Oil and Gasoline Group (Petrovietnam) and its three way partnership companions have signed a product sharing contract (PSC) for Block 15-1 on the southern continental shelf of Vietnam.
When accomplished, the challenge will provide 125 billion customary cubic toes (Bcf) per day of pure fuel to the home market, Petrovietnam stated in a information launch.
Underneath the PSC, Petrovietnam subsidiary Oil and Gasoline Exploration and Manufacturing Company (PVEP) holds 59 p.c within the asset, Perenco holds 19.8 p.c, Korea Nationwide Oil Company (KNOC) holds 11.4 p.c, SK Group holds 7.2 p.c, and Geopetrol holds 2.6 p.c. The challenge shall be operated by the three way partnership Cuu Lengthy Joint Working Firm (Cuu Lengthy JOC), which is the second largest oil exporter within the nation.
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The contract signing formally kicks off section 2B of the $1.3 billion White Lion Venture, Petrovietnam stated, citing a Perenco consultant.
Block 15-1, an oil and fuel block with one of many nation’s largest reserves and one of many earliest to be developed, is situated within the Cuu Lengthy basin within the southern mainland of Vietnam and consists of the Black Lion, Golden Lion, Brown Lion and White Lion oil and fuel fields, in keeping with the discharge.
The asset is without doubt one of the few blocks in Viernam that accommodates large-scale business oil and fuel fields. The Black Lion, Golden Lion, and Brown Lion fields function in parallel with the White Lion fuel area, “creating an built-in exploitation ecosystem, optimizing each technical infrastructure and operational effectivity,” Petrovietnam stated.
The complete cluster kinds an built-in system in Vietnam protecting manufacturing, processing, and transportation, with a central processing platform, floating manufacturing, storage, and offloading (FPSO) platforms, wellhead platforms, and a pipeline system, the corporate stated.
Block 15-1 gives steady crude oil to the home market by the Dung Quat Oil Refinery, and in addition brings pure fuel to serve the fuel business within the Southeast area, making it “one of many strategic pillars [of] the nationwide power system,” Petrovietnam stated.
In 2003, the primary oil was extracted from the Black Lion area, with estimated reserves of about 600 million barrels of oil, second solely to the nation’s White Tiger area. By 2024, the whole output of the challenge was greater than 426 million barrels and greater than 216 Bcf of fuel, bringing in complete income of greater than $31 billion, Petrovietnam stated.
“Within the coming time, the demand for power for improvement could be very giant, clearly proven within the current adjustment of the thirteenth Energy Plan. The early and extremely efficient implementation of key power initiatives, oil and fuel initiatives, and essential oil and fuel contracts, equivalent to PSC Block 15-1 at this time, performs a vital position in contributing to attaining the targets of growing the nationwide oil and fuel business, guaranteeing power safety and socio-economic improvement of the nation,” Vietnam Deputy Prime Minister Bui Thanh Son stated.
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