Petrovietnam Signs Product Sharing Contract for Block 15-1 in Cuu Long Basin

The state-owned Vietnam National Oil and Gas Group (Petrovietnam) and its joint venture partners have recently inked a product sharing contract (PSC) for Block 15-1 in Vietnam’s Cuu Long basin. This block holds significant strategic importance for Petrovietnam and its affiliate, PVEP, in their exploration and exploitation endeavors.

Block 15-1, situated in the Cuu Long basin in southern Vietnam, encompasses the Black Lion, Golden Lion, Brown Lion, and White Lion oil and gas fields. The project has yielded over 426 million barrels and 216 billion cubic feet of gas, generating revenue exceeding $30 billion as of 2024.

Operating under the CuuLong Joint Operating Company (JOC), which includes PVEP, KNOC, SK, Perenco, and Geopetrol, Block 15-1 is poised for continued development. Petrovietnam aims to leverage the newly signed contract to enhance production from existing fields and explore new prospects within the region.

Le Manh Hung, Chairman of Petrovietnam’s Board of Directors, affirmed the group’s commitment to advancing Phase 2B of the White Lion project, with expected gas production of up to 300 million cubic feet per day.

Meanwhile, Pharos Energy secured a two-year extension for blocks 125 and 126 in the Phu Khanh Basin, northeast of Cuu Long Basin. This extension prolongs the exploration period until 2027, underscoring ongoing investment and interest in Vietnam’s oil and gas sector.