Speeding up the progress of extending the exploitation contract of Lot 15-1

Deputy Prime Minister Bui Thanh Son and delegates perform the flag-saluting ceremony at the CPP Center Technology Platform - Lot 15-1 - Photo: VGP/Hai Minh

Cuu Long JOC Joint Venture Company was established on September 16, 1998 as a joint venture between Vietnam Oil and Gas Exploration and Production Corporation (PVEP) and foreign partners such as Perenco, KNOC, SK Energy, Geopetrol.

The Company's main field of activity is oil and gas exploration, development and exploitation in Block 15-1, Cuu Long basin, offshore Vietnam's continental shelf, about 120 km southeast of the coast of Ba Ria - Vung Tau province. Block 15-1 includes oil and gas fields currently being exploited such as Black Lion, Golden Lion, Brown Lion and White Lion.

Over the years, Cuu Long JOC has made many important contributions to the overall achievements of the oil and gas industry, thereby contributing significantly to the State budget revenue and national energy security.

In the period of 2013 - April 2025, Cuu Long JOC's exploitation output reached 428 million barrels of crude oil, bringing in revenue of 31 billion USD and contributing 15 billion USD to the state budget.

Deputy Prime Minister inspects oil and gas products of Cuu Long JOC Company - Photo: VGP/Hai Minh

The Black Lion Project is the first oil and gas exploitation project of Cuu Long JOC, starting in 2003. Current output reaches 10,320 barrels of oil per day, accumulated to April 30, 2025 reaching 259.26 million barrels of oil.

In 2008, Cuu Long JOC put the Su Tu Vang project into operation, becoming the main mine with the central role of collecting, processing, and transporting oil and gas to neighboring mine clusters, with current production output of about 1,200 barrels/day.

Cuu Long JOC also put into operation the White Lion project phase 1 in 2016, with an output of about 12,500 barrels of oil/day and 40 million cubic feet of gas/day; other projects such as Brown Lion since 2014, with an output of 3,380 barrels of oil/day.

Cuu Long JOC is continuing to research and explore new structures to maintain and increase future production.

The Deputy Prime Minister congratulated Cuu Long JOC Company and the Vietnamese oil and gas industry on their steady progress on the journey to mastering modern exploitation technology, demonstrating a great step forward for the Vietnamese oil and gas industry - Photo: VGP/Hai Minh

Speaking to the staff and technicians of Cuu Long JOC Company, the Deputy Prime Minister expressed his delight at visiting the Central Technology Platform - one of the first exploitation platforms in the oil and gas industry; congratulating the Company and the Vietnamese oil and gas industry on their steady progress on the journey to master modern exploitation technology, demonstrating a great step forward in the maturity of the Vietnamese oil and gas industry.

The Deputy Prime Minister emphasized that the achievements that the oil and gas industry has accumulated over the years are the foundation for the industry to continue to develop strongly, contributing to the whole country entering a new era of strong development based on capital, resources and technology.

The Deputy Prime Minister requested the Vietnam National Energy and Industry Group (PVEP) to coordinate with the Ministry of Industry and Trade to speed up the process of extending the oil and gas exploitation contract at Block 15-1, bringing new revenue sources to the country; continue to pay attention to improving the management level and professional skills of each officer and engineer to increasingly increase the autonomy, self-reliance and self-reliance of the Vietnamese oil and gas industry.

Hai Minh

Source: https://baochinhphu.vn/day-nhanh-tien-do-gia-han-hop-dong-khai-thac-lo-15-1-102250517152538529.htm