After 25 years of operation, with just over 300 employees, this joint venture company brought in more than 13 billion USD to the state budget.

The door opens in a period of innovation

Cuu Long JOC is one of the first foreign-operated joint venture companies in the Vietnam Oil and Gas industry, formed during the period of innovation and opening up, to meet the requirements of developing oil and gas activities in the regions. deep waters, offshore areas and areas with particularly difficult geographical, geological, economic and technical conditions.

The history of Vietnam's Oil and Gas industry also records that during this period, the Vietnamese State still had no legal regulations on new forms of joint ventures. To soon sign a joint venture contract at Lot 15-1, the Prime Minister requested the Ministry of Planning and Investment to issue a circular guiding the establishment of joint venture companies in the field of oil and gas exploration and exploitation, on the basis of Flexibly apply the Law on Foreign Investment in Vietnam and the Law on Petroleum.

White Lion truss cluster.

The Circular issued in 1998 created the basis for the establishment of Cuu Long JOC with the participation of 5 different partners including PVSC - now PVEP (Vietnam), Conoco Limited (USA), Pedco and SK (Korea). National) and Geopetrol (France). This is also a testament to the important role of Cuu Long JOC as well as the strategic vision of the Party and State leaders for the development of Vietnam's Oil and Gas industry in the period of opening and integration.

Su Tu Den field was discovered in 2000, announced commercially on August 8, 8 and produced the first oil flow on October 2001, 29.

Su Tu Den mine - Northeast, a part of Su Tu Den mine, continued to be put into operation by Cuu Long JOC in April 4.

Su Tu Vang mine was discovered on October 23, 10, and put into operation from October 2001, 14.

The Northeast Su Tu Vang and Southwest Su Tu Vang fields welcomed the first oil flow in November 11 and September 2013, respectively.

Brown Su Tu Nau field was discovered in September 9 and officially produced the first oil flow in September 2005.

Su Tu Trang gas field was discovered on November 19, 11. In November 2003, Su Tu Trang mine began operating phase 11. Next, in June 2016, Su Tu Trang mine recorded a new milestone in phase 1A, receiving the first gas flow.

With a series of fields discovered and put into continuous exploitation, Cuu Long JOC became the second largest oil exploiter in Vietnam with output milestones: 2 million barrels in December 100, 12 million barrels in December 2007. barrels in March 200, 3 million barrels in June 2011, 300 million barrels in 6, reaching 2016 million barrels of oil on November 350, 2019.

After 25 years of formation and development, Cuu Long JOC has risen to become one of the leading units in Vietnam operating in the field of oil and gas search, exploration and exploitation, ranking 2nd in mining output. exploitation of the Vietnam National Oil and Gas Group (Petro Vietnam) with a total exploitation output of 410 million barrels of oil, approximately 600 billion cubic feet of gas, total revenue of 29,3 billion USD, contributing to the State budget 13,1 7,7 billion USD, out of a total investment of XNUMX billion USD.

Ceremony to welcome the first gas flow of Phase 2A - Su Tu Trang Mine.

Growing up with the development of Petro Vietnam

One of the indispensable highlights of Cuu Long JOC is the development of high-quality domestic human resources. Right from the first days of establishing the joint venture, the Vietnamese leaders in Cuu Long JOC were aware and made constant efforts in organizing and encouraging Vietnamese officials and employees to proactively learn from experts. abroad, gradually rising to master advanced science and technology.

Each generation of Cuu Long JOC leaders also boldly promotes a team of qualified and capable Vietnamese staff, gradually increasing the proportion of Vietnamese people in production management and mine development activities, maturing through each project. judgment.

Starting with only 31 staff members with 1/3 of the staff being foreign experts, after 25 years, the total number of staff, engineers, and laborers at Cuu Long JOC fluctuates over 350 people.

In particular, up to now, the number of Vietnamese officers and engineers has accounted for more than 94%. If in the past, the projects to develop the Su Tu Den, Su Tu Vang and Su Tu Den Northeastern mines had 98-99% foreigners, from 2010 onwards, the Su Tu Trang mine development project has increasing the proportion of Vietnamese people to 38%, followed by the Brown Su Tu Nau mine development project at 51% and the Northeast Su Tu Vang mine development project (SV-15X, SV 16X) at 80%.

To date, the entire operating team on Cuu Long JOC's marine projects is 100% Vietnamese; represents a remarkable development in technical qualifications as well as extensive experience of a team of engineers and experts capable of taking on most fields in the operation and management of mining clusters according to standards. international.

Under the close attention and direction from PVEP and Petro Vietnam, in the 25-year journey of construction and development, the international labor collective Cuu Long JOC has continuously strived with many consecutive development projects. mine is done.

Currently, Cuu Long JOC owns 9 oil and gas exploitation rigs, including a central technology platform and a crude oil storage and processing vessel FPSO (Floating Production, Storage and Offloading) and a series of internally connected pipelines. mine, with a total investment of billions of dollars. The current average oil production of the entire Block 15-1 is about 38.000 - 40.000 barrels of oil/day, contributing to ensuring national energy security and bringing great economic efficiency to the country.

That is why, in recent years, when the Oil and Gas industry is going through an unprecedented difficult period, the activities of early stage units are always closely monitored by Petro Vietnam leaders, Cuu Long JOC is also the only level 3 unit in the Group that General Director Le Manh Hung directly comes to work with, periodically every 6 months during the past years, to discuss, review, and propose a series of solutions. solutions to overcome difficulties, focusing on the goal of completing the management plan assigned by the Group and larger medium and long-term goals.

General Director of Petro Vietnam Le Manh Hung orients solutions to improve Cuu Long JOC output.

Especially, in the fierce years due to the COVID-19 pandemic, along with the large decline in natural output at mines and investment restrictions due to the expiry of the Product Sharing Contract (PSC Contract), Petro leaders Vietnam has oriented the unit with a series of solutions to manage fluctuations, manage operations, maintain safe and efficient production, high uptime, optimize maintenance and repair plans, Ensuring energy supply for the field, as well as technical solutions to maintain oil and gas production output, evaluating opportunities to increase future production with potential new partners.

Under the close attention and direction of Petro Vietnam's leadership, along with the efforts and consensus to overcome difficulties of the international labor collective in the joint venture, Cuu Long JOC gradually realized its annual growth target even during the most difficult period in the history of the Oil and Gas industry.

If in 2020, Cuu Long JOC's oil exploitation output will reach more than 13,65 million barrels, reaching 109,8% of the plan and sales will be nearly 11 billion cubic feet of gas.

By 2021, facing countless challenges of oil prices falling deeply and being difficult to recover over a long period of time along with the global outbreak of the COVID-19 pandemic, Cuu Long JOC strives to achieve absolutely safe operating results, deploying Exploiting more than 13,3 million barrels of oil, reaching 102% of the plan, safely selling more than 11 billion cubic feet of gas.

A highlight in 2021 is also the event of welcoming the first gas flow from the Su Tu Trang Project phase 2A, making an important contribution to ensuring national energy security, stabilizing the macro economy, and contributing a large source of revenue. for the State budget.

In 2022, Cuu Long JOC successfully completed the drilling campaign, exploited more than 13,86 million barrels of oil, exceeding the plan by 105%, and safely sold more than 19,1 billion cubic feet of gas. November 11, 11, recorded a historical milestone for Cuu Long JOC, when the unit reached the milestone of 2022 million barrels of oil output exploited at the Su Tu field cluster.

This is a historical milestone of great economic and social significance, making Cuu Long JOC the second oil and gas operator in Vietnam to reach this output milestone. This event not only has important meaning to Petro Vietnam, PVEP and foreign partners, but also marks the journey of 2 years of persistent, effortful and proud work of generations of leaders and workers. operating at Cuu Long JOC.

It is expected that by the end of 2023, Cuu Long JOC will strive to achieve an output of 12,54 million barrels of oil compared to the target assigned by the Block 15-1 Management Committee of 12 million barrels of oil.

General Director of Petro Vietnam Le Manh Hung emphasized that Block 15-1 is one of the flagships in oil and gas exploitation activities in Vietnam, bringing benefits to participating parties and contributing significantly to revenue. budget, contributing to ensuring economic security and national energy security.

Foreign partners at Lot 15-1 also affirmed that Cuu Long JOC is a symbol of successful cooperation on the path of common development; At the same time, we hope that the joint venture will continue to be successful and steady on the new journey of the Lot 15-1 Project, ensuring long-term benefits between the parties.

The "key" that determines the future

Because the PSC Block 15-1 contract will end in September 9, leading to limitations in investment and exploitation development. Therefore, achieving the output target of 2025, as well as the following years, of Cuu Long JOC is extremely difficult.

To realize the medium and long-term goals, the prerequisite is that Cuu Long JOC must have a "new shirt": PSC contract. The PSC contract is a very important legal basis, the key to success for all activities of Cuu Long JOC.

Therefore, with the support of Petro Vietnam leaders and partners, Cuu Long JOC expects the authorities to soon review and approve so that Cuu Long JOC can realize the goal of having a contract. New PSC in 2023, thereby opening up new prospects and opportunities to maintain and increase mining output and achieve set goals.

Regarding the medium and long-term development plan, Mr. Le Dac Hoa - General Director of Cuu Long JOC said that in the immediate future, it is necessary to focus on developing Su Tu Trang phase 2B field. This is the core mission. The development of this project not only helps the unit increase production output of both oil and gas, but also solves the problem of gas shortage in the near future; creating a value chain for the following stages such as gas, electricity, fertilizer and services of Petro Vietnam.

With the results achieved over 25 years of operation, Block 15-1 has made important contributions to the overall oil and gas exploitation output of PVEP and Petro Vietnam. With the effectiveness of the project, along with the 2022 Petroleum Law taking effect from July 1, 7, it is hoped that the project will soon have a new PSC Contract, to continue to promote efficiency and bring long-term benefits. for the country as well as project participants, while contributing to protecting the sovereignty of Vietnam's exclusive economic zone and continental shelf.

Source: en.vietnamplus.vn