Japan Vietnam Petroleum Company's Block 15-2 output hits 250 mln barrels

Japan Vietnam Petroleum Company, Ltd. (JVPC), a wholly owned subsidiary of Japan’s JX Nippon Oil & Gas Exploration Corporation (JX), has reached the milestone of producing 250 million barrels of oil from Vietnam’s Block 15-2.

In a Thursday release, JVPC said it has been the operator of Rang Dong and Phuong Dong oil fields since the partial acquisition of Block 15-2 offshore southern Vietnam in 1992. JVPC started oil production in 1998 and the produced oil has been supplied to the Vietnamese market and other Asian countries including Japan.

At Block 15-2, JVPC holds a 39.5% interest in the two oil fields, while 30% is owned by PVEP, the exploration-production arm of state-owned Petrovietnam. The remaining 30.5% belongs to Singapore-headquartered Batavia Oil.

JVPC is highly evaluated by Vietnamese authorities for its various initiatives, including the world's first implementation of the clean development mechanism (CDM) project in the oil and gas industry for the recovery and effective utilization of crude oil and gas, according to the release.

It is also known for the introduction of Vietnam’s first HCG-EOR, a technology for enhanced oil recovery (EOR) by injecting hydrocarbon gas. Another initiative in Vietnam is the implementation of CO2-EOR pilot test.

Furthermore, JVPC maintains safe and stable operations with a record of over 20 consecutive years of zero lost time injuries, it added.

In December 2021, JX Nippon Oil & Gas Exploration announced that JVPC and PVEP signed a memorandum of understanding to extend the joint operations at Block 15-2 beyond April 2025 when the license expires.