JX Nippon Completes License Term Extension of Phuong Dong Oil Field in Vietnam
JX Nippon Oil & Gas Exploration Corporation (“JX NOEX”) (President and CEO, Hiroshi Hosoi) announced that 5-year license extension has been granted by the government of Vietnam for our petroleum operations in Phuong Dong oil field in Block 15-2, offshore Vietnam.
The previous license term was due to expire in April 2020. Japan Vietnam Petroleum Company Ltd. (“JVPC”) (President, Takao Hashimoto), a subsidiary of JX NOEX who operates Phuong Dong oil field and PetroVietnam Exploration Production Corporation (“PVEP”), a subsidiary of PetroVietnam, a national oil company of Vietnam and JVPC’s partner to Phuong Dong oil field, have been seeking for support from PetroVietnam and Vietnamese government to extend the license term and finally 5- year extension until April 2025 has been granted considering JVPC’s contribution through the long-term and stable operational history.
Source / More : JX Nippon Oil & Gas