Petrovietnam implements key provisions of the 2022 Petroleum Law

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The signing of the PSC for Block 15-2 is particularly significant as it marks the first oil and gas contract to implement key provisions of the 2022 Petroleum Law. This affirms the soundness of the investment promotion policy in Vietnam’s oil and gas sector, fostering a favorable investment environment and building investor confidence. Additionally, it represents a major milestone in the legal framework for oil and gas activities, highlighting the concerted efforts of all parties in implementing and operationalizing the law. The agreement ensures transparency, consistency, and feasibility in the execution of new oil and gas contracts under current legal regulations.

Operations at the Rang Dong Field

Based on Article 40 of the 2022 Petroleum Law, in September 2023, the contractor consortium JVPC and PVEP submitted a proposal to sign a new oil and gas contract for Block 15-2. The contract has a 25-year term, taking effect from April 7, 2025. From the time the Vietnamese government approved the nomination of the contractor consortium to sign the new contract (December 25, 2024) until the issuance of the investment registration certificate on March 31, 2025, only 96 days had passed—an exceptionally efficient process.

Petrovietnam CEO Le Ngoc Son affirms that this is the result of the contractor consortium's determination, Petrovietnam's active support, and the close and timely guidance of the Government leaders, the Ministry of Industry and Trade, and relevant ministries and agencies.

Petrovietnam CEO Le Ngoc Son emphasized that this record time was achieved thanks to the determination of the contractor consortium, Petrovietnam’s active support, and the timely guidance of government leaders and relevant authorities. The signing of this contract will ensure stable operations at the Rang Dong and Phuong Dong fields while facilitating exploration activities to enhance reserves in the contract area.

The PSC signing is the result of close, urgent, and transparent collaboration among all parties under the strong direction of the government and the Ministry of Industry and Trade. The contract guarantees continuity in oil and gas activities within Block 15-2, contributing to state revenue, energy security, and sustainable development.

PVEP General Director Nguyen Thien Bao believes that this cooperation will bring positive changes.

PVEP General Director Nguyen Thien Bao noted that for over 30 years, PVEP and JVPC have successfully implemented the Block 15-2 Project, which has significantly contributed to the development of Vietnam’s oil and gas industry. The selection of PVEP and JVPC to continue as the contractor consortium reaffirms the Vietnamese government's trust in their proven expertise and successful track record.

As a key player in Petrovietnam’s oil and gas sector, PVEP remains committed to a sustainable development strategy that prioritizes not only production growth but also the adoption of advanced technologies, enhanced operational capacity, and environmental protection. The leadership at PVEP believes that this partnership will drive positive advancements in oil and gas production, including the application of cutting-edge technologies to optimize oil recovery and implement carbon reduction solutions.

Deputy Minister of Industry and Trade Nguyen Hoang Long: The Vietnamese Ministry of Industry and Trade will continue to create favorable conditions, support, and encourage oil and gas activities.

Deputy Minister of Industry and Trade Nguyen Hoang Long affirmed that the ministry will continue to create favorable conditions, provide support, and encourage oil and gas activities. He urged all participating companies to fulfill their commitments and successfully execute the project over the next 25 years.

Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son congratulates Petrovietnam, the contractor consortium, and partners on this significant milestone

On behalf of the Prime Minister, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son congratulated Petrovietnam, the contractor consortium, and all partners on this milestone achievement. He emphasized that foreign investment plays a crucial role in Vietnam’s oil and gas industry—a key economic sector that actively contributes to the country’s industrialization and modernization. Furthermore, this collaboration strengthens Vietnam-Japan relations, reinforcing mutual economic and technological cooperation.

Deputy Prime Minister Bui Thanh Son also highlighted that the PSC for Block 15-2 is a crucial step forward in the implementation of the 2022 Petroleum Law. The agreement allows for the maximization of resource recovery, improvement in oil extraction efficiency, and enhanced energy security, all of which contribute to Vietnam’s sustainable economic growth. He encouraged Petrovietnam and its partners to continue researching and proposing investment-friendly policies while swiftly addressing challenges to ensure a fair and beneficial partnership for all stakeholders.

Chairman of Petrovietnam’s Board of Members Le Manh Hung commits to coordinating with the contractor consortium and relevant parties to ensure the safe and efficient operation of the project.

On behalf of Petrovietnam, Chairman of the Board of Directors Le Manh Hung expressed gratitude to the Deputy Prime Minister, the Ministry of Industry and Trade, and other government agencies for their unwavering support and guidance. Going forward, Petrovietnam is committed to working closely with the contractor consortium and relevant stakeholders to ensure safe and efficient project operations. This includes applying advanced oil recovery technologies, increasing production efficiency, and making strategic investments to sustain and enhance output. These efforts will not only contribute to Vietnam’s energy security but also boost state revenue and drive national economic growth beyond 2025.

Under the witness of government leaders, ministries, and industry representatives, Petrovietnam, PVEP, and their partners officially signed the PSC for Block 15-2.

Block 15-2 covers an area of approximately 415.9 km² in offshore southeastern Vietnam, specifically in the central and northeastern part of the Cuu Long sedimentary basin. It includes the Rang Dong and Phuong Dong oil and gas fields, with an average water depth of 57–60 meters. The block represents the remaining area of the previous PSC after the required relinquishments following the exploration phase. This area will now be further developed under the newly signed PSC.

At the signing ceremony, representatives from the Ministry of Industry and Trade presented the Investment Registration Certificate for Block 15-2 to the PVEP-JVPC contractor consortium.

Japan Vietnam Petroleum Company Limited (JVPC) has continuously operated in Vietnam since 1992. As a wholly owned subsidiary of ENEOS Xplora—the oil and gas exploration arm of ENEOS Holdings (Japan)—JVPC has played a key role in Vietnam’s petroleum industry. Under the new PSC, JVPC holds a 45% participating interest and will continue as the Operator of Block 15-2.

Ambassador Ito Naoki – Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam

Ambassador Ito Naoki, Japan’s Ambassador to Vietnam, emphasized that the PSC for Block 15-2 is not only a major milestone for the contractor consortium and stakeholders but also a testament to the strong Vietnam-Japan partnership. The project will continue to play a vital role in securing Vietnam’s energy supply and supporting the country’s economic growth.

Mr. Takeo Aoyama, Managing Director of JVPC

Mr. Takeo Aoyama, Managing Director of JVPC, expressed his deep appreciation for the opportunity to participate in two consecutive PSCs for Block 15-2. He acknowledged that, after 27 years of continuous operation, maintaining production in the block presents new challenges. However, JVPC remains committed to upholding its pioneering spirit and maximizing efforts to ensure safe and efficient operations for the benefit of all stakeholders.

PVN