According to the latest assessment by the Vietnam Oil and Gas Exploration and Exploitation Corporation (PVEP), Block 15-1 in the Cuu Long Basin still holds significant oil reserves, estimated at 70-80 million barrels. This is a strategic oil and gas field located in the southern continental shelf of Vietnam, currently being exploited by the Cuu Long Joint Operating Company (CLJOC).
However, the oil and gas contract for Block 15-1 is set to expire in just four months. If the contract is extended, PVEP will increase its ownership to 59% and take over as the main operator, replacing the previous group of foreign contractors. This is considered a significant step in enhancing Vietnam’s autonomy in managing and exploiting its oil and gas resources.
According to the enterprise, promptly completing the procedures to extend the oil and gas contract for Block 15-1 will present a great opportunity to discover new sources of oil and gas, complementing PVEP’s extraction plans for the upcoming period.
Su Tu Trang (White Lion) Mine Exploitation Cluster.
Block 15-1 is located in the Cuu Long Basin, in the southern continental shelf of Vietnam, and comprises the producing oil and gas fields of Su Tu Den (Black Lion), Su Tu Vang (Golden Lion), Su Tu Nau (Brown Lion), and Su Tu Trang (White Lion).
The Su Tu Den project, the first exploitation project of Cuu Long JOC, was discovered in 2000, declared commercial on August 8, 2001, and produced first oil on October 29, 2003. The current output stands at 10,320 barrels of oil per day, with a cumulative production of 259.26 million barrels of oil as of April 30, 2025.
In 2008, Cuu Long JOC commenced the exploitation of the Su Tu Vang project, which became the flagship mine, serving as the central hub for the collection, processing, and transportation of oil and gas for neighboring clusters. The current extraction rate is approximately 1,200 barrels per day.
Cuu Long JOC also commenced the first phase of the Su Tu Trang project in 2016, yielding approximately 12,500 barrels of oil and 40 million cubic meters of gas per day.
The enterprise is currently engaged in the exploration and investigation of new structures to maintain and increase extraction rates in the future.
With continuous discoveries and developments, Cuu Long JOC has become the second-largest oil producer in Vietnam, achieving notable production milestones: 100 million barrels of oil in December 2007, 200 million barrels in March 2011, 300 million barrels in June 2016, 350 million barrels in 2019, and 400 million barrels on November 11, 2022.
During the period from 2013 to April 2025, the company’s extraction rate reached 428 million barrels of crude oil, generating a revenue of USD 31 billion and contributing USD 15 billion to the state budget.
The Cuu Long Joint Operating Company (CLJOC) was established on September 16, 1998, based on the Block 15-1 Oil and Gas Contract between Petrovietnam and a consortium of contractors, currently comprising the Vietnam Oil and Gas Exploration and Exploitation Corporation (PVEP), Perenco, the Korea National Oil Corporation (KNOC), SK Group, and Geopetrol.
The company’s primary focus is on the exploration, development, and exploitation of oil and gas resources in Block 15-1, Cuu Long Basin , located offshore in the continental shelf of Vietnam, approximately 120 km southeast of Ba Ria-Vung Tau province.
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