President Kim Dong-seop Attends and Congratulates at Joint Operator Commemorative Event
Korea National Oil Corporation (President Kim Dong-seop) has achieved 400 million barrels of crude oil production from the 'Vietnam 15-1 Block,' one of the two blocks in Vietnam where it holds mining rights.
On the 23rd, the Oil Corporation announced that cumulative crude oil production in the Vietnam 15-1 Block, in which it has been actively participating since 1998, has surpassed 400 million barrels.
This block is located offshore about 180 km from Ho Chi Minh City. In 1994, the Oil Corporation, together with the American oil company ConocoPhillips and others, participated jointly in the bidding for the mining rights and secured the rights after fierce competition with major global oil companies.
President Kim Dong-seop of Korea National Oil Corporation (4th from the left) and key figures are toasting at the ceremony celebrating the achievement of 400 million barrels.
In 1998, the Cuulong Joint Operating Company was established with multinational partners including Vietnam's state-owned oil company PetroVietnam and ConocoPhillips to jointly operate the block.
Since crude oil was discovered in the Vietnam 15-1 Block in October 2000, three oil fields and one gas field have been found, currently producing 18 million barrels of oil and gas annually.
The Oil Corporation has dispatched technical personnel to the joint operating company and played a key role throughout the entire process from exploration to development and production stages.
To commemorate the achievement of 400 million barrels of cumulative crude oil production, the Cuulong Joint Operating Company held a celebration event on the 22nd in Ho Chi Minh City, Vietnam.
The ceremony was attended by key figures including Kim Dong-seop, President of Korea National Oil Corporation, Vice President of the Vietnam Capital Investment Committee, President of PetroVietnam, and Consul General Kwon Soon-chil in Ho Chi Minh City, who all offered congratulations.
President Kim Dong-seop congratulated, saying, "The cumulative crude oil production of 400 million barrels in the Vietnam 15-1 Block is the second highest in Vietnam's history and a monumental achievement in the history of Vietnam's oil industry," adding, "This good result was achieved through the active support of the Vietnamese government and PetroVietnam, as well as the close cooperative relationships among partners."
He also expressed gratitude for the dedication and efforts of the Cuulong Joint Operating Company staff, saying, "This achievement was possible because of the hard work of the excellent Cuulong employees working on site."
Le Manh Hung, President of PetroVietnam, also delivered a congratulatory speech, stating, "Everyone fulfilled their roles to achieve the best results," and added, "We look forward to even stronger relationships and further development in the future."
In June, the Oil Corporation signed an MOU with PetroVietnam to strengthen cooperation on energy security and low-carbon new energy sectors. At the end of this year, the Korea-Vietnam Energy Joint Committee and Industrial Joint Committee are scheduled to be held in Korea.
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