Petrovietnam signs PSC for Block 15-1 oil and gas block in Vietnam, highlighting commitment.

From Yahoo Finance: 2025-06-23 11:18:00

Petrovietnam and partners sign PSC for Block 15-1 on Vietnam’s Southern Continental Shelf, reinforcing commitment to oil and gas exploration. PVEP increases stake to 59%, overseeing operations with Perenco, KNOC, SK, and Geopetrol. Block 15-1, a vital contributor to Vietnam’s oil and gas output, holds significant reserves and economic value.

Block 15-1, a strategic asset, was initially operated by a consortium and now overseen by Perenco. The joint venture, Cuu Long JOC, manages the block, contributing significantly to Vietnam’s oil and gas production. The Black Lion field, with vast reserves, is a key offshore production site in Vietnam.

Projected to produce over 426mbbl of oil and 216 billion cubic feet of gas by 2024, Block 15-1 is set to generate revenues exceeding $31bn. Petrovietnam recently announced the first commercial oil flow from the Đại Hùng oilfield phase three project, showcasing continued growth and success in the sector.

Read more: Petrovietnam and partners sign PSC for Block 15-1 oil and gas block