PetroVietnam and its international partners have signed a 25-year extension to the production sharing contract (PSC) for Block 15-1 in Vietnam’s Cuu Long Basin, committing to invest USD1.3 billion to continue oil production and expand gas development.
The new agreement, extending operations through 2050, will support the second development phase of the Su Tu Trang (White Lion) gas field, which is expected to supply 125 million cubic feet of gas per day to Vietnam’s domestic market. The block currently produces around 34,000 barrels of oil per day, primarily from the Su Tu Den (Black Lion) field.
Block 15-1 has been a critical pillar of Vietnam’s hydrocarbon output, with cumulative production reaching 426 million barrels of oil and 216 billion cubic metres of gas to date. The block has generated over USD30 billion in revenue and contributed USD15 billion to the state budget.
Cuu Long Joint Operating Company, the PSC operator, is led by PetroVietnam Exploration Production Corporation (PVEP) with a 59 percent stake. Other partners include South Korea’s KNOC and SK Earthon, France’s Perenco, and Geopetrol.