Signing of the Production Sharing Contract (PSC) for Block 15-1 in the Southern Offshore Region of Vietnam

Block 15-1 is one of the strategic oil and gas fields, playing a vital role in the exploration and production activities of Petrovietnam (PVN) and the PetroVietnam Exploration Production Corporation (PVEP).

ince its discovery and development, Block 15-1 has consistently contributed a significant production output with high economic efficiency, becoming one of the pillars of the national oil and gas production over the years. Fields within this block have been continuously discovered and brought into production, helping to maintain stable output. Cuu Long Joint Operating Company (CLJOC) – the operator and developer of projects in Block 15-1 – is currently the second-largest oil producer in Vietnam.

The Block 15-1 project has continuously achieved major production milestones, including: 100 million barrels of oil (December 2007), 200 million barrels (March 2011), 300 million barrels (June 2016), 350 million barrels (2019), and notably, the milestone of 400 million barrels reached on November 11, 2022.

After 27 years of operation, Block 15-1 has produced approximately 430 million barrels of oil, generating total revenue of over USD 31 billion and contributing nearly USD 15 billion to the state budget. These impressive figures not only demonstrate the project's outstanding economic efficiency but also reaffirm the vital role of Block 15-1 in the country's socio-economic development.

The newly signed contract will facilitate the continued efficient exploitation of existing fields while also opening up opportunities for the discovery and development of new potential structures in the area. This is an important step in ensuring national energy security and strengthening Vietnam’s firm presence in its sovereign maritime areas.

The Deputy Prime Minister requested that PVN continue to uphold the highest level of responsibility in the exploitation and efficient use of the nation's valuable natural resources./ Photo: VGP/ Hai Minh

Currently, the PetroVietnam Exploration Production Corporation (PVEP) – the core unit of Petrovietnam in exploration and production – continues to serve as the operator for several key oil and gas fields. Block 15-1 stands as a prime example of PVEP’s field management capabilities and operational efficiency.

from operating fields such as Bach Ho, Rong, Su Tu Den, and Su Tu Vang, continued investment in the development of Block 15-1 is expected to bring significant added value to Vietnam's oil and gas industry in the coming period.

Speaking at the ceremony, Deputy Prime Minister Bui Thanh Son commended and congratulated the leadership and workforce of PVN, PVEP, and Cuu Long JOC for their outstanding achievements in recent years.

Today’s signing ceremony marks a significant milestone in the development of Vietnam’s oil and gas industry, underscoring the strong and effective partnership between Petrovietnam (PVN), PVEP, and international partners.

Deputy Prime Minister Bui Thanh Son called on all stakeholders to fully honor their commitments, strive for excellence in production and business operations, and prioritize the material and spiritual well-being of the workforce.

Amid rising energy demand driven by development needs, the timely and efficient implementation of energy projects—particularly major oil and gas contracts—holds critical importance. These efforts play a vital role in advancing the national oil and gas strategy, strengthening energy security, and supporting Vietnam’s socio-economic development.

For the oil and gas sector, Deputy Prime Minister Bui Thanh Son urged Petrovietnam (PVN) and its member companies to continuously innovate their thinking, act decisively, and enhance competitiveness and adaptability to successfully fulfill their missions in the new context. He emphasized the goal of transforming PVN into a leading energy corporation in the region and globally.

The Deputy Prime Minister also stressed the importance of closely aligning with action plans and programs, proactively engaging with partners to swiftly resolve obstacles, and accelerating project implementation to achieve the established objectives.

Cuu Long Joint Operating Company (CLJOC) was established on September 16, 1998, under the Block 15-1 oil and gas contract between PVN and a consortium of contractors. The current partners in the joint venture include PVEP, Perenco, Korea National Oil Corporation (KNOC), SK Group, and Geopetrol./.