The cumulative oil production in Block 15-2(Offshore Vietnam) reached 200 million barrels

abarrelfullabarrelfull wrote on 21 Nov 2014 17:33
Tags: asia nippon upstream vietnam

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Japan Vietnam Petroleum Company Ltd (JVPC) (President & CEO; Hironori Wasada) a subsidiary of JX Nippon Oil & Gas Exploration Corporation (President & CEO; Shunsaku Miyake) announced that the cumulative oil production in Block 15-2 reached 200 million barrels (※)in July this year. (※) 200 million barrels is nearly equivalent to oil consumption for 43 days in Japan.

To celebrate this achievement, a ceremony was held in Hanoi, Vietnam on November 17 in the presence of Nguyen Xuan Son (Chairman, President & CEO of Vietnam Oil and Gas Group(PVN)), Shunsaku Miyake (President & CEO of JX Nippon Oil & Gas Exploration), Hidenori Wasada (President & CEO of JVPC), Hidetoshi Ohashi (General Director of JVPC) and many other stakeholders.

We consider Vietnam as one of our important core countries and will seek to increase our activities and presence in the country.

1. Summary of Block 15-2
JVPC is producing oil and gas in Block 15-2 as an operator of the block, holding a 46.5% participating interest share together with our partner, Petrovietnam Exploration Production Corporation ("PVEP") holding a 17.5% share and Perenco Rang Dong Limited ("Perenco") holding a 36% share.
JVPC as an operator of the Block 15-2 started exploration activities in October 1992 when JVPC acquired its interest in the Block and found Rang Dong oil field in June 1994 through its 1st exploration well. After years of appraisal and development activities, JVPC started commercial production of crude oil from Rang Dong in August 1998. JVPC also started commercial production from Phuong Dong oil field in September 2008 in the same block, and now JVPC is producing oil and gas from both fields.

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