Petrovietnam signs PSC for Vietnam’s Block 15-1 with its partners.
Block 15-1 holds strategic importance for Petrovietnam’s upstream subsidiary, PetroVietnam Exploration Production (PVEP). Historically, the block was developed through a joint venture that included both international and domestic entities such as PVEP, ConocoPhillips Cuu Long (UK), Korea National Oil Corporation (KNOC), SK (South Korea), and Geopetrol (Monaco). In a later development, Perenco (France-UK) replaced ConocoPhillips as one of the foreign stakeholders.
The Cuu Long Joint Operating Company continues to manage the block under Vietnam’s oil and gas operational framework. Under the new PSC structure, PVEP’s share has increased by 9%, now standing at 59%. Perenco holds 19.8%, KNOC 11.4%, SK 7.2%, and Geopetrol 2.6%.
Block 15-1 is located in the Cuu Long basin and includes the Black Lion, Golden Lion, Brown Lion, and White Lion fields. Since production began in 2003 with oil extracted from the Black Lion field, the block has remained a key contributor to Vietnam’s offshore oil output, with reserves estimated at around 600 million barrels.
The White Lion Phase 2B project aims to deliver around 125 billion standard cubic feet of natural gas daily to the domestic market once operational. This output is expected to support both energy supply and industrial demand.
Speaking at the contract signing ceremony, Vietnamese Deputy Prime Minister Bui Thanh Son stated: “In the coming time, the demand for energy for development is very large, clearly shown in the recent Adjustment of the 13th Power Plan. The early and highly effective implementation of key energy projects, oil and gas projects, and important oil and gas contracts, such as PSC Block 15-1 today, plays a very important role in contributing to achieving the goals of developing the national oil and gas industry, ensuring energy security and socio-economic development of the country.”
Petrovietnam emphasized that the block has consistently generated strong economic returns since its early development. In addition to supplying crude oil to the Dung Quat Refinery, it also provides natural gas to various industries in the region. The dual role enhances its position as a core component of Vietnam’s energy infrastructure.
The signing of the new PSC reflects ongoing efforts to optimize national energy resources and maintain stable supplies to support Vietnam’s growing energy demand and industrial development.
