At the invitation of the Japanese PM Kishida Fumio, Prime Minister Pham Minh Chinh, leading a high-level Vietnamese delegation, arrived in Tokyo, Japan, beginning his three-day official trip from 22nd to 25th November 2021.

Petrovietnam delegation accompanying the Prime Minister was led by Mr. Hoang Quoc Vuong, Chairman of the Board of Directors. Joining the delegation were Vice President Le Xuan Huyen, GMs of divisions, administration office and member units of the Group; For PVEP were Dr. Tran Hong Nam, President  & CEO and Dr. Trinh Viet Thang - Member of the Board of Directors.

Japan is an important economic, trade and investment partner of Vietnam, and also one of the biggest provider of official development assistance (ODA) for Vietnam, the large foreign investor in Vietnam with thounsands of projects as well. Japanese enterprises are making active contributions to Vietnam’s socio-economic development during years.

The visit takes place as the two countries' relations are at a high point since the establishment of diplomatic ties. Both countries shared the recognition of the importance of holding projects suitable for their relationship in commemoration of the 50th anniversary of the establishment of diplomatic relations between Japan and Vietnam in 2023. Through the visit, both countries confirmed to work closely together to successfully carry out projects to further promote friendship, mutual understanding and exchange of peoples between the two countries in various fields.

Vietnam – Japan private promotion Conference

Within the framework of the visit to Japan, in addition to the Prime Minister's joint programs with oil and gas enterprises, PetroVietnam has separate working programs with Japanese partners, including MOECO, JBIC, Idemitsu Kosan, Sumitomo and JX NOEX.

On 24th November 2021, the delegation of PVN/PVN had a meeting with the President and CEO of the JX Nippon Oil & Gas Exploration Corp (JX NOEX) Mr. Hiroshi Hosoi and Mr. Hashimoto Taoka, General Director of JVPC. Both parties had exchanged and discussed issues related to oil and gas activities, including the Petroleum Product Sharing Contract of Block 15-2 (PSC) and the project implementation plan after 2025 (the end of PSC)...

Also, on 29th November 2021, JX NOEX (JVPC) had signed a memorandum of understanding (MOU) with PVEP, for the purpose of mutual cooperation towards the continuation of joint operations in this block post-April 2025, when the current license is scheduled to expire.

PVN/PVEP and JX NOEX in the bilateral meeting

At the meeting, Mr. Hiroshi Hosoi warmly welcomed and thanked the senior delegation of PVN/PVEP for visiting and working with JX NOEX in japan. The General Director of JX NOEX reported to the PVN/PVEP delegation that since the signing of the Oil and Gas Contract for Block 15-2 in 1992, JVPC (a subsidiary of JX NOEX) has effectively managed oil and gas activities and especially operating the operation of Rang Dong - Phuong Dong oil fields with absolute safety. The firm achieved 18 consecutive years record of zero lost time injury in 2021. Since putting the project into operation until March 2021, it has achieved significant output (235.85 million barrels of oil, 92.03 million cubic feet of gas and 1.349 million barrels of condensate). The project has made great contributions to the success of the host country Vietnam, PVN and the Contractors.

On behalf of PVN, Chairman Hoang Quoc Vuong has extolled JX NOEX’s business performance during almost 30 years working in Vietnam, especially in applying technical solutions to enhance oil recovery, helping to stabilize Vietnam’s exploited oil output. He said PVEP and JVPC have entered into this MOU as they are confident that the economic development and production activities in Block 15-2 can be maintained beyond the expiration of the current license term.

PVEP President and Chairman Tran Hong Nam, on behalf of both parties, reported the content of the MOU. The parties committed with their best efforts to synthesize and share information, documents, economic and financial criteria and actively negotiate the optimal investment plan for the deployment of oil and gas activities at Block 15-2 after 2025.

Signing Ceremony: Tran Hong Nam, President and CEO of PVEP (left), Hosoi, President and CEO of JX NOEX (right); Courtesy of JV NOEX

Prime Minister Pham Minh Chinh witnesses the MOU Signing Ceremorny