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At the event. Photo: petrovietnam |
Amid complicated developments of the COVID-19 pandemic, the ceremony was held online, marking the operation of the project 16 days ahead of schedule.
Addressing at the event, PetroVietnam's General Director Le Manh Hung said Block 15-1 is the flagship in oil and gas exploitation activities in Vietnam, bringing benefits to all involved parties, and contributing about 10.4 billion USD to the Vietnamese Government’s budget.
PetroVietnam highly valued efforts of Cuu Long Joint Operating Company (Cuu Long JOC) and its partners to completed the drillling of the oil-well on schedule, ensuring their commitments in the gas purchase and sale contract and field development plan, he said.
Cuu Long JOC's General Director Nguyen Van Que attributed the success of the project to concerted efforts of Cuu Long JOC and its partners, along with the maximum support from PetroVietnam, PetroVietnam Exploration Production Corporation (PVEP) and relevant ministries.
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President of Perenco Vietnam Gilles d'Argouges speaks at the event. Photo: petrovietnam |
On behalf of foreign partners, President of Perenco Vietnam Gilles d'Argouges affirmed that this is an important achievement and a symbol of the successful cooperation between Vietnamese businesses and foreign partners.
The oil and gas exploration contract of Block 15-1 was signed on September 16, 1998 between PetroVietnam and the contracting parties, including PVEP, Perenco, KNOC, SK and Geopetrol. The project is operated by Cuu Long JOC.
The White Lion field is located in Block 15-1 of the Cuu Long Basin off the southern coast of Vietnam. It is considered as one of the areas with the highest potential for oil and gas reserves in the continental shelf of Vietnam.
The plan to develop the White Lion oil field in phase 2A was approved by the Prime Minister on December 6, 2019, with a total expected consolidated capital expenditure (CapEx) investment of nearly 138 million USD.
Source: VNA