Economy
Việt Nam, Dominican Republic issue Joint Statement
1.
 |
| With the development of White Lion field, the total oil and gas production is expected to be 52.4 million barrels of oil and condensate and 420 billion cubic feet of gas, contributing significantly to long-term gas exploitation plans of the Vietnam Oil and Gas Group. — Photo PVN |
Viet Nam News
HÀ NỘI — Cửu Long Joint Operating Company (Cửu Long JOC) is developing the second phase of Sư Tử Trắng (White Lion) oil field for exploitation in the fourth quarter of 2021.
The White Lion field is located in Block 15-1 of the Cửu Long Basin off the southern coast of Việt Nam. Due to the field’s complex geological structure, Cửu Long JOC is trying every method to extract oil and gas, including long-term trial exploitation and gas injection pump, while continuing to seek rational technical solutions.
The company is working closely with PetroVietnam Gas Corporation (PV Gas), PetroVietnam Exploration Production Corporation (PVEP) and other partners to negotiate relevant agreements on the development of While Lion field to ensure effective exploitation.
Earlier, PV Gas and PVEP had inked an agreement to jointly develop the second phase of the field. Under the deal, PV Gas will contribute through PVEP one quarter of the estimated investment of US$500 million to the second phase.
Gas from the oil field will be directly delivered to the mainland through the Nam Côn Sơn 2 pipeline project, with 117km of pipeline at sea and another 39km on shore.
White Lion will be the main source of gas for the Dinh Cố 2 gas processing plant, which will become operational in the fourth quarter of 2020.
With the development of White Lion field, the total oil and gas production is expected to be 52.4 million barrels of oil and condensate and 420 billion cubic feet of gas, contributing significantly to long-term gas exploitation plans of the Vietnam Oil and Gas Group. — VNS
