State-owned Vietnam Nationwide Trade-Power Group (PetroVietnam) and its worldwide companions in Block 15-1 have signed a brand new manufacturing sharing contract (PSC).
The brand new 25-year PSC paves the way in which for a ultimate funding choice on the Section 2B improvement within the White Lion (Su Tu Trang) fuel and condensate area, which goals to ship 125 million customary cubic toes of fuel a day for seven years “to help Vietnam’s quickly rising home market”, Perenco Group stated in a press launch Thursday.
The Cuu Lengthy Basin’s Block 15-1 is positioned 180 kilometers (111.85 miles) southeast of Ho Chi Minh Metropolis in waters about 47 meters (154.2 toes) deep. It began manufacturing 2003 by means of the Black Lion area, which holds estimated reserves of 600 million barrels of oil. Golden Lion, Brown Lion and White Lion have been subsequently put into manufacturing October 2008, September 2014 and November 2016 respectively. The block reached 400 million barrels of oil manufacturing in 2022, in line with PetroVietnam.
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“With a sequence of mines found and constantly put into exploitation, Cuu Lengthy Petroleum Working Firm – the unit exploiting and creating initiatives at Block 15-1 has develop into the 2nd largest oil exploiter in Vietnam”, PetroVietnam stated individually.
Oil is processed on the Dung Quat refinery for supply to the home market. The block additionally provides fuel to Vietnam’s Southeast area, in line with PetroVietnam.
“[N]ot many offshore oil and fuel blocks in Vietnam possess each large-scale industrial oil and fuel fields. Block 15-1 is among the few uncommon exceptions”, PetroVietnam stated. “Right here, oil fields akin to Black Lion, Golden Lion, and Brown Lion function in parallel with the White Lion fuel area – creating an built-in exploitation ecosystem, optimizing each technical infrastructure and operational effectivity”.
Within the new PSC, PetroVietnam owns 59 % by means of Oil and Gasoline Exploration and Manufacturing Corp. (PVEP). Perenco holds 19.8 %, Korea Nationwide Oil Corp. 11.4 %, SK 7.2 % and Geopetrol 2.6 %.
“The newly signed contract will facilitate the continued environment friendly exploitation of present mines, whereas opening up alternatives to find and develop new potential constructions within the space”, PetroVietnam stated.
“Sustaining and increasing exploitation actions at Block 15-1 additionally contributes to making sure nationwide vitality safety, whereas sustaining Vietnam’s robust presence in sovereign waters”.
“Within the coming time, the demand for vitality for improvement may be very giant, clearly proven within the current Adjustment of the thirteenth Energy Plan”, Deputy Prime Minister Bui Thanh Son was quoted as saying by PetroVietnam. “The early and extremely efficient implementation of key vitality initiatives, oil and fuel initiatives, and vital oil and fuel contracts, akin to PSC Block 15-1 at this time, performs an important function in contributing to reaching the objectives of creating the nationwide oil and fuel business, making certain vitality safety and socio-economic improvement of the nation”.
To contact the writer, electronic mail jov.onsat@rigzone.com
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