Petrovietnam leaders at the ceremony to welcome the first flow of gas from Su Tu Trang (White Lion) oil field in phase 2A, June 18, 2021.
As COVID-19 continues to spread, the ceremony to mark this occasion was held online on Friday, attended by Petrovietnam Chairman Hoang Quoc Vuong, General Director Le Manh Hung, leaders of affiliates, and representatives of foreign partners.
The White Lion oil field is located in Block 15-1 of the Cuu Long Basin off the southern coast of Vietnam, which is considered one of the richest oil and gas reserves in Vietnam’s continental shelf. It is about 62km off the coast of Vung Tau with a water depth of 56m.
An oil and gas exploration contract of Block 15-1 was signed in 1998 between Petrovietnam and the contracting parties, including PVEP, Perenco, KNOC, SK, and Geopetrol. The project is operated by Cuu Long JOC.
The plan to develop the White Lion oil field in phase 2A was approved by the Prime Minister in 2019, with a total expected consolidated capital expenditure (CapEx) investment of nearly 138 million USD, and the expected recovered reserves of 63 million barrels of condensate and 193 billion cubic feet of gas by the end of September 2025.
Addressing the event, Petrovietnam General Director Le Manh Hung said Block 15-1 is the flagship in oil and gas exploitation activities in Vietnam, contributing about 10.4 billion USD to the State budget.
He hailed the efforts made by Cuu Long JOC and its partners to complete the drilling of the oil well on schedule, ensuring their commitments in the gas purchase and sale contract and field development plan.
Petrovietnam leaders award certificates of merit to collectives and individuals who made outstanding contributions to the project.
PVEP General Director Tran Hong Nam said the success of phase 2A with absolute safety and lower costs provides an important prerequisite for PVEP and other partners to devise plans of future development.
President of Perenco Vietnam Gilles d'Argouges called this achievement a symbol of the successful cooperation between Vietnamese businesses and foreign partners.
He noted that the partners have found a common development path and expressed his hope to maintain the success in developing the White Lion oil field and the entire project.
On this occasion, Petrovietnam awarded certificates of merit to collectives and individuals who have made excellent achievements in implementing phase 2A of the White Lion oil field project.