JVPC granted new production sharing contract for block offshore Vietnam

PetroVietnam Exploration Production Corp. (PVEP) on Mar. 25 signed a new production sharing contract (PSC) with Japan Vietnam Petroleum Co. (JVPC) for Block 15-2 offshore Vietnam.

JVPC began exploration activities in 1992, since first acquiring right to the block, leading to the oil discoveries and subsequent productions at Rang Dong and Phuong Dong oil fields in 1998 and 2008, respectively. The cumulative oil production in the block has reached over 250 million bbl, according to the company. 

The new PSC, approved by the Prime Minister of Vietnam, was agreed prior to the expiration of the previous contract on Apr. 6, 2025. 

JVPC serves as operator of the block with 45% interest. PVEP holds the remaining 55%.