In 1992, a contract was signed to exploit oil and gas at block 15-2 located in Cuu Long basin on Viet Nam’s continental shelf. Japan-Viet Nam Petroleum Company (JVPC), ConocoPhilips and PetroVietnam Exploitation and Production Company (PVEP) are the partners while JVPC is the operator. To date, JVPC and its partners have invested over US$1.5 billion into block 15-2.
In 1994, commercial quantities of oil was discovered in the Rang Dong prospect in the block. Subsequently, the Rang Dong field was developed and started producing crude oil from 1998.
Up to June 2005, around 100 million barrels of oil have been extracted at about 40,000 barrels of oil, for export, and about 50mmscf of associated gas, for gas-fired power stations and the production of LPG, per day.
Phuong Dong, a smaller field also discovered in 1996 in this block, is being developed and is expected to produce oil in the third quarter of 2008.
JVPC was awarded the second class Labour Order yesterday, having previously received the third class Labour Order in 2002. — VNS
