Vietnam National Oil and Gas Group (Petrovietnam) and joint venture partners signed a production sharing contract (PSC) for Block 15-1 in the southern continental shelf of Vietnam.
The PSC starts Phase 2B of the White Lion Project, a $1.3 billion investment which will supply 125 MMcfd of natural gas to the domestic market.
Block 15-1 is in the Cuu Long basin in the southern mainland of Vietnam and includes Black Lion, Golden Lion, Brown Lion, and White Lion oil and gas fields. First oil was extracted from Black Lion in 2003. After Black Lion, Golden Lion (exploited since 2005), White Lion (since 2012), and Brown Lion (since 2008) were developed in turn, forming a cluster with a central processing platform, FPSO, well head platforms, and a pipeline system.
Under the new PSC, Oil and Gas Exploration and Production Corp. (PVEP), a unit of Petrovietnam, is operator through the Cuu Long Joint Operating Comp. (Cuu Long JOC, 59%) with partners Perenco (19.8%), Korea National Oil Corp. (KNOC, 11.4%), SK Energy Co. Ltd. (7.2%), and Geopetrol LLC (2.6%).
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
