ENEOS Drilling, a subsidiary of ENEOS Xplora, has finalised a contract with Japan Vietnam Petroleum Company (JVPC) for a two-well drilling campaign in Block 15-2, located offshore Vietnam near Vung Tau.

The operation is set to commence between late May and mid-June 2025, utilising the Hakuryu-14 jack-up rig.

The 110-day campaign will target the Rang Dong and Phuong Dong oilfields within the Cuu Long Basin.

These fields have been producing oil since 1998 and 2008, respectively, with a combined output exceeding 250 million barrels.

JVPC holds a 45 per cent stake in Block 15-2, while PetroVietnam Exploration & Production (PVEP) owns the remaining 55 per cent.

The Hakuryu-14 jack-up rig, delivered in 2018 by Singapore’s PPL Shipyard, is equipped for deep-water drilling operations in water depths up to 400 feet (121 metres).

It is designed for high-pressure, high-temperature (HPHT) conditions and zero-discharge operations, ensuring compliance with stringent environmental standards.

In March 2025, JVPC signed a new petroleum production sharing contract (PSC) for Block 15-2 with PetroVietnam and PVEP after the original PSC expired on April 6, 2025.

This agreement is among the first under Vietnam’s updated Petroleum Law, which came into effect in July 2023.

JVPC has operated the Rang Dong and Phuong Dong oilfields since the initial PSC was signed in 1992, maintaining over two decades of operations without lost time injuries.

Under the new PSC, JVPC will continue as the operator of Block 15-2.

The company’s commitment to safe and stable operations reinforces its role as a key player in Vietnam’s offshore energy sector.

This drilling campaign highlights ENEOS Xplora’s strategic focus on expanding its offshore capabilities while adhering to rigorous safety and environmental standards.

The operation also underscores Vietnam’s commitment to modernising its petroleum sector under the new legal framework.