Addressing the event, PetroVietnam's General Director Le Manh Hung said Block 15-1 was the flagship in oil and gas exploitation activities in Vietnam, bringing benefits to all involved parties, and contributing about US$10.4 billion to the State budget.
PetroVietnam highly valued the efforts of Cuu Long Joint Operating Company and its partners to complete the drilling of the 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 the efforts of the company and its partners, along with the maximum support from PetroVietnam, PetroVietnam Exploration Production Corporation (PVEP) and relevant ministries.
On behalf of foreign partners, President of Perenco Vietnam Gilles d'Argouges said this was an important achievement and a symbol of the successful co-operation 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 then-Prime Minister Nguyen Xuan Phuc on December 6, 2019, with a total expected consolidated capital expenditure investment of nearly $138 million.