#Petrovietnam #PVEP #Lo1011 #Lo10and11_1 #NamConSon #DauKhiVietNam #CongNgheDauKhi #AnNinhNangLuong #BienDong
Oil and gas blocks that have been facing difficulties for many years have now officially signed development contracts. Is this a signal that a new oil and gas growth cycle is starting offshore Vietnam?
On June 19, 2026 in Hanoi, Vietnam National Industry and Energy Group Petrovietnam solemnly organized the SIGNING CEREMONY OF THE CONTRACT FOR SHARING OIL AND GAS PRODUCTS FOR LOTS 10/11 AND 10&11-1 between Petrovietnam and PVEP Petroleum Exploration and Production Corporation.
This is considered an important milestone for Vietnam's oil and gas industry in 2026 when it officially opens the way for the development of prospective oil and gas structures in the Nam Con Son basin, an area with a strategic role in national energy security.
The ceremony was attended and witnessed by Comrade Pham Gia Tuc, Member of the Politburo, Permanent Deputy Prime Minister, and Comrade Le Manh Hung, Member of the Party Central Committee, Minister of Industry and Trade and leaders of many central ministries.
THE CONTRACT SIGNING CEREMONY WAS awaited for many years
CBlocks 10/11 and 10&11-1 are located in the offshore area of the Nam Con Son basin, which is assessed to have significant oil and gas potential but has faced many challenges in geology, engineering and investment efficiency.
Over the past many years, Petrovietnam and PVEP have conducted a series of geological research programs, assessment of reserves, optimization of development plans and connection of existing mining infrastructure to bring the project to the official signing date.
Today's CONTRACT SIGNING CEREMONY is the result of a persistent journey overcoming many technical, financial and commercial barriers.
STRATEGIC VALUES FROM PSC CONTRACT
Content Meaning
Increase oil and gas reserves Supplement national resources
Take advantage of Dai Hung infrastructure to reduce investment costs
Maintain offshore operations Improve exploitation efficiency
Expand development space Create new growth drivers
Ensuring energy security Supporting economic growth
Prospective formations in the area including Dogfish, King Bear and Black Bear are expected to contribute significantly to future catches.
PVEP CONTINUES TO CONFIRM ITS ROLE AS A KEY OPERATOR
Petrovietnam's selection of PVEP to participate in the Petroleum Product Sharing Contract continues to affirm its positionCore unit in the field of oil and gas search, exploration and exploitation.
PVEP currently owns a team of experienced experts with the capacity to operate many large-scale offshore oil and gas projects in Vietnam.
PSC CONTRACT SIGNING CEREMONY for Blocks 10/11 and 10&11-1 not only has commercial significance but also demonstrates the determination to increase reserves and develop new resources in the context of many traditional oil and gas fields that are in natural decline.
IMPLICATIONS FOR THE EAST SEA AND ENERGY SECURITY
In addition to economic value, maintaining search, exploration and exploitation activities in offshore oil and gas blocks also contributes to affirming Vietnam's sovereignty, jurisdiction and legal economic presence on the continental shelf.
This is one of the important strategic factors that Petrovietnam has persistently pursued for decades.
THE OPENING MILLIONAIRE FOR A NEW PHASE OF DEVELOPMENT
THE CONTRACT SIGNING CEREMONY FOR SHARING OIL AND GAS PRODUCTS FOR LOTS 10/11 AND 10&11-1 is not only a legal procedure but also a strong statement of Petrovietnam and PVEP's determination to develop new resources.
In the context of increasing energy demand, new resources from these oil and gas blocks are expected to contribute to ensuring energy supply.Long-term energy supply, creating revenue for the budget and promoting sustainable economic growth for Vietnam for many years to come.
In your opinion, can the signing of the PSC for Blocks 10/11 and 10&11-1 open up a new wave of offshore oil and gas investment in Vietnam in the period 2026–2035?
#Petrovietnam #PVEP #Lo1011 #Lo10and11_1 #PSC #NamConSon #DauKhiVietNam #AnNinhNangLuong #BienDong #CongNgheDauKhi #ThamDoDauKhi #KhaiThacDauKhi #VietnamEnergy #OilAndGas #NangLuongQuocGia
