Deputy Minister of Industry and Trade Nguyen Hoang Long attended the signing ceremony of the Petroleum Product Sharing Contract (PSC) for Block 15-2.

Attending the signing ceremony were Deputy Minister of Industry and Trade Nguyen Hoang Long and representatives of specialized units of the Ministry of Industry and Trade.

PSC Block 15-2 was previously signed on October 6, 1992 between Petrovietnam , PVEP, Batavia Oil Rang Dong Ltd and JVPC - Operator; PSC Block 15-2 will expire on April 6, 2025. The results of oil and gas operations at Block 15-2 have discovered 02 commercial oil and gas fields, Rang Dong and Phuong Dong. By the end of February 2024, the total cumulative production at Block 15-2 was 251.52 million barrels of oil and 195 billion cubic feet of gas were sold, with revenue reaching 15 billion USD, of which the Government's revenue was about 7.87 billion USD (including taxes and profit sharing of the host country).

To continue to maintain the exploitation, exploration and appraisal of new oil and gas discoveries in the area at Block 15-2, based on the proposal of the existing contractor consortium JVPC/PVEP and in accordance with the provisions of the Petroleum Law 2022, the Prime Minister has approved the results of the appointment of the contractor to sign the PSC of Block 15-2 with a term of 25 years from April 7, 2025.

The signing of the Petroleum Product Sharing Contract for Block 15-2 is of special significance. This is the first petroleum contract to realize the new points of the Petroleum Law 2022, and will take advantage of existing facilities and experienced personnel, exploiting petroleum resources, contributing to the Government's double-digit growth target from 2025 onwards and strengthening economic cooperation - an important pillar in the comprehensive strategic cooperation between Vietnam and Japan. In addition, maintaining the operation of Block 15-2 as well as petroleum activities on Vietnam's continental shelf has contributed to affirming Vietnam's sovereignty, sovereign rights, and jurisdiction over the continental shelf in the East Sea. The signing ceremony of the PSC for Block 15-2 is also the result of a process of close, urgent, and transparent coordination between the parties under the strong direction of the Government and the Ministry of Industry and Trade.

On behalf of the leaders of the Ministry of Industry and Trade, Deputy Minister Nguyen Hoang Long requested the Contractors (JVPC and PVEP) to properly implement the committed contents, promptly carry out related tasks to maintain stable exploitation activities at existing mines, and continue exploration drilling at potential structures in Block 15-2 and drilling for mining; at the same time, he acknowledged and praised the efforts and smooth coordination between the Contractors (JVPC and PVEP), the Vietnam Oil and Gas Group, and relevant agencies in maintaining stable exploitation activities at Block 15-2 over the past years and completing related procedures to continue maintaining operations here for the next 25 years. As the state management agency for the oil and gas sector, the Ministry of Industry and Trade will always facilitate, support and encourage oil and gas activities in Block 15-2 in accordance with Vietnamese law and international practices, ensuring legitimate rights and bringing practical benefits to investors as well as to Vietnam.

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Source: Department of Petroleum and Coal

Source: https://moit.gov.vn/tin-tuc/hoat-dong/hoat-dong-cua-lanh-dao-bo/thu-truong-bo-cong-thuong-nguyen-hoang-long-tham-du-le-ky-hop-dong-chia-san-pham-dau-khi-psc-lo-15-2.html