JX Nippon Gets Extension of Offshore Vietnam Oil, Gas Block PSC

JX Nippon Oil & Gas Exploration Corp (JX NOEX) has announced that a 5-year extension of the Block 15-2 Production Sharing Contract (PSC) has been granted by the Vietnamese government for activities in the Rang Dong oilfield within the block.

Japan Vietnam Petroleum Company (JVPC), a subsidiary of JX NOEX is producing oil and gas in Block 15-2 as the operator of the block holding a 46.5% participating interest share together with its partner, Petrovietnam Exploration Production Corporation (PVEP) holding a 17.5% share and Perenco Rang Dong holding a 36% share.

With the PSC term extension, new participating interest shares of the block will be applied on and after April 7, 2020 and JVPC’s new share will be 39.5%, PVEP 30%, Perenco 30.5%.

JVPC as the operator of the Block 15-2 started exploration activities in October 1992 when JVPC acquired its interest in the Block and found Rang Dong field in June 1994 through its 1st exploration well. 

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