Present at the Ceremony from PetroVietnam were Mr. Nguyen Quynh Lam - Vice President and Leaders of relevant departments and boards. From PetroVietnam Exploration Production Corporation were Chairman of the Board of Directors, Mr. Nguyen Van Que and Vice President Mr. Cao Huu Binh, Mr. Pham Nhu Khanh and contractor Petronas. 

Signing ceremony of the Handover agreement for Blocks 01&02

The Production Sharing Contract (PSC) for Blocks 01&02 were signed on 9 September, 1991, and took effect from 10 September, 1991. The share of contractors were as follows: PCVL 85%, PVEP 15%. This is among the first generation of Petrovietnam's contracts and the first to conclude upon maturity. 

Mr. Bacho Pilong - Vice CEO responsible for Petronas' foreign investments

Over 26 years of operation, the contractor has seen successes such as discovery and production of wells (Ruby in 1998, Pearl and Topaz in 2010, Diamond and Su Tu Nau in 2014), Jade and Emerald features have been discovered but have yet to be tapped. Total production from these wells has been roughly 116 million barrels, average production today is at 14.000 barrels/day. The contract has brought about benefits for both the contractor and the host. Both sides will continue to address the remaining issues to conclude the contract in accordance with Viet Nam's regulations. 

Mr. Nguyen Quynh Lam - Vice President of Petrovietnam

As the current operator of petroleum activities in Blocks 01&02, Petrovietnam will continue to work to maintain production volumes, improve enhanced oil recovery rates, execute additional surveys to ascertain reserves and put discoveries into production.