Cuu Long JOC: 25-year journey of conquering “lions” at sea
|Su Tu Trang (White Lion) oil field (Photo: congthuong.vn).|
Cuu Long JOC, which currently has more than 300 employees, has paid more than 13 billion USD to the State budget since its establishment in 1998.
Cuu Long is one of the first joint venture companies with foreign operators in the Vietnam oil and gas industry, aiming to meet the requirements of developing oil and gas activities in deep waters, offshore areas, and areas with particularly difficult geographical, geological, economic, and technical conditions.
Su Tu Den (Black Lion) oil field, located in Block 15-1, was discovered in 2000 and produced its first oil barrels in October 2003.
Su Tu Den Dong Bac (Northeast Black Lion) oil field, part of the Black Lion oil fields, off the southern province of Ba Ria-Vung Tau, was exploited by Cuu Long JOC from April 2010.
Meanwhile, the Su Tu Vang (Golden Lion) field was founded on October 23, 2001, and put into operation on October 14, 2008. Su Tu Vang Dong Bac (Northeast Golden Lion) and Su Tu Vang Tay Nam (Southwest Golden Lion) fields produced the first oil flow in November 2013 and September 2014, respectively.
The Su Tu Nau (Brown Lion) field was discovered in September 2005 and officially produced the first oil flow in September 2014.
The Su Tu Trang (White Lion) gas field was discovered on November 19, 2003. The first phase of the field was put into operation in November 2016. In June 2021, its 2A Phase became operational.
With a series of fields continuously discovered and put into exploitation, Cuu Long JOC has become the second-largest oil producer in Vietnam. Its major milestones included 100 million barrels in December 2007, 200 million barrels in March 2011, 300 million barrels in June 2016, 350 million barrels in 2019, and 400 million barrels on November 11, 2022.
After 25 years, Cuu Long JOC has become one of the leading firms in the field of oil and gas search, exploration, and exploitation in Vietnam, the second largest producer of the Vietnam National Oil and Gas Group (Petrovietnam) with a total exploitation output of 410 million barrels of oil and approximately 600 billion cubic feet of gas, generating a total revenue of 29.3 billion USD, paying to the State budget 13.1 billion USD out of a total investment of 7.7 billion USD.
By the end of 2023, Cuu Long JOC aims to exploit 12.54 million oil barrels, higher than the target of 12 million barrels assigned by the Block 15-1 Management Committee.
In its first days, Cuu Long JOC had only 31 employees, one-third of whom were foreigners. To date, the employee number has increased to more than 350, with 94 per cent being Vietnamese. Particularly, all operating staff in its projects at sea are currently Vietnamese, showing a remarkable development in technical qualifications as well as extensive experience of a contingent of Vietnamese engineers and experts capable of working in most fields meeting international standards.