Japan Vietnam Petroleum Company Ltd. (JVPC), a wholly owned subsidiary of ENEOS Xplora Inc., signed a new Petroleum Production Sharing Contract (PSC) for Block 15-2, located offshore Vietnam, according to the company's release.
The agreement was concluded with PetroVietnam and PetroVietnam Exploration Production Corporation (PVEP).
The new PSC, effective from April 7, 2025, follows the expiration of the current contract on April 6, 2025, and extends operations for 25 years.
It marks one of the first contracts awarded under Vietnam’s Petroleum Law, effective since July 2023, with approval from the Prime Minister of Vietnam.
JVPC, which retains a 45% participating interest as the operator, has managed Block 15-2 since 1992, overseeing the Rang Dong and Phuong Dong oil fields. PVEP holds the remaining 55% interest. Exploration began in 1992, with oil production starting at Rang Dong in 1998 and Phuong Dong in 2008. Cumulative oil production from the block has exceeded 250 million barrels. JVPC reports over 21 consecutive years of operations without Lost Time Injuries (LTI).
The signing ceremony occurred in Hanoi, attended by Bui Thanh Son, Deputy Prime Minister of Vietnam, alongside Nguyen Thien Bao, President and CEO of PVEP, Le Manh Cuong, Vice President of PetroVietnam, and Takeo Aoyama, President and CEO of JVPC. Nakahara,
ENEOS Xplora Inc. is a Tokyo-based company focused on oil and natural gas exploration and production. Headquartered at 1-1-2 Otemachi, Chiyoda-ku, Tokyo, it operates as a subsidiary of ENEOS Holdings, Japan’s largest energy conglomerate. Led by President and CEO Yasuhiko Oshida, the company rebranded from JX Nippon Oil & Gas Exploration to ENEOS Xplora in January 2025.
Japan Vietnam Petroleum Company Ltd. (JVPC) is a wholly owned subsidiary of ENEOS Xplora Inc., established on August 21, 1992. Based at 1-1-2 Otemachi, Chiyoda-ku, Tokyo, with a capital of 10 billion yen, JVPC is led by President Takeo Aoyama. The company specializes in the exploration, development, and extraction of petroleum and natural gas in Vietnam. Since acquiring a 45% interest in Block 15-2 in 1992, JVPC has operated the Rang Dong and Phuong Dong oil fields.