Oil and Gas Product Sharing Contract (PSC) lots 10/11 and 10&11-1: Achievement of a journey of persistently overcoming many challenges
The event is of particular importance, demonstrating the strong determination of Vietnam National Petroleum Group (Petrovietnam), Vietnam Oil and Gas Exploration and Production Corporation (PVEP) and partners in promoting activities to search, explore, exploit and develop new resources.
At the same time, this event also contributes to ensuring national energy security, improving the efficiency of exploiting existing resources and creating new growth momentum for Vietnam's energy industry.
Blocks 10/11, Blocks 10&11-1 and Block 15-1 are oil and gas blocks belonging to the Nam Con Son basin and the Cuu Long basin off the coast of Vietnam - areas with a long history of oil and gas activities, playing an important role in ensuring the country's oil and gas resources and exploitation output with promising structures such as Dogfish, Queen Bear and Horse Bear.
After many years of research, evaluation, updating geological models, optimizing development plans and finding suitable commercial solutions, along with the development of science and technology, PVEP's offshore project implementation capacity and the ability to effectively utilize the existing infrastructure system in the Dai Hung area operated by PVEP, the bottlenecks that have existed for many years have been gradually removed to reach success today.
The development of the project at Blocks 10/11 and 10&11-1 combined with PVEP's existing oil and gas blocks in this area will take advantage of existing facilities and a team of experienced personnel to ensure effective exploitation and maximization of oil and gas resources, contributing to the double-digit GDP growth target in the coming years.
In addition, maintaining oil and gas activities at Blocks 10/11 and 10&11-1 contributes to affirming Vietnam's sovereignty, sovereign rights, and jurisdiction over the continental shelf in the East Sea.
Oil and gas product sharing contract Blocks 10/11 and Blocks 10&11-1 were signed between Petrovietnam and PVEP. PVEP is a unit with a lot of experience in the field of oil and gas exploration and exploitation at home and abroad, possessing a team of technical experts with high professional qualifications and the ability to operate many large-scale offshore oil and gas projects.
The signing of the new PSC not only opens up opportunities to bring existing oil and gas discoveries into trade development but also shows the attractiveness of Vietnam's oil and gas investment environment. At the same time, it affirms the determination of Petrovietnam and PVEP to continue expanding exploration and exploration activities to increase reserves and expand new resources.
GSPA White Lion mine contract phase 2B: Completing the national gas - electricity value chain
Gas Purchase Contract of Su Tu Trang Field Phase 2B, Block 15-1 was signed between Petrovietnam and partners in PSC Block 15-1 including PVEP, Perenco, KNOC, SKEO and Geopetrol.
The signing of the contract is an important step forward after PSC Block 15-1 was signed in 2025 and is a premise for PVEP Cuu Long to successfully deploy FDP White Lion phase 2B with the goal of having the first gas flow by the end of 2027.
In addition, promoting the development of gas sources from the White Lion Field Phase 2B is extremely important when supplementing the expected gas output of about 1.2 billion m3/year. Gas from Block 15-1 will contribute to supplementing a stable supply for key gas power plants in the area such as Phu My Power Center, Nhon Trach Power Plants...
In addition, the project also contributes to improving the overall exploitation efficiency of the gas - electricity chain in the Southeast region, strengthening the linkage between stages in the oil and gas value chain and creating more motivation for the development of the gas - electricity value chain in the coming time.
Expanding resources - creating new growth momentum
The signed projects not only contribute to increasing reserves, output and revenue in the coming years but also expand the development space for Vietnam's Oil and Gas industry, creating more resources for the economy and improving national competitiveness.
At the same time, continue to affirm the pioneering role of Petrovietnam and PVEP in the journey of searching, exploring and developing new energy sources; contributing to ensuring national energy security, promoting economic growth and creating sustainable development drivers for the country in the new period.
