Wedoany.com Report-Jun 27, Korea National Oil Corporation (KNOC), a state-run entity, announced on Wednesday, June 25, 2025, that it has secured exploration rights in Vietnam’s second-largest oil field, ensuring operations until September 2050. The agreement, signed the previous week with Vietnam’s national oil company, Petrovietnam, involves KNOC and its Korean partners, including SK Earthon.

The Korea National Oil Corp. holds a signing ceremony for fresh exploration rights in a major oil field held in Hanoi, Vietnam, on June 20.

Under the terms, KNOC acquired an 11.4 percent stake in the 15-1 oil block, which produces approximately 34,000 barrels of oil daily. This deal renews KNOC’s exploration rights in the block ahead of the existing concession’s expiration in September 2025. KNOC has been active in the 15-1 block since 2000, commencing oil production in 2003. By 2024, the company had extracted 430 million barrels, generating $1.4 billion in cumulative profits.

KNOC and its partners plan to invest $1.3 billion to develop the “White Lion” gas field within the 15-1 block. Once operational, this field is expected to supply 125 million cubic feet of natural gas daily to Vietnam’s market, supporting the country’s energy needs. “The agreement is expected to further strengthen mutual trust between the Korean and Vietnamese governments and help them establish a key hub for energy cooperation in Southeast Asia,” a KNOC representative stated.

The collaboration enhances KNOC’s role in Vietnam’s energy sector, building on over two decades of successful operations. “Amid growing challenges in global energy markets, we have strengthened the effectiveness of [Korea’s] resource diplomacy by cooperating with Vietnam, one of the country’s key partners in Asia, to secure a stable energy supply,” the KNOC representative added.

This agreement underscores the commitment of both nations to foster sustainable energy partnerships. By extending its presence in Vietnam’s oil and gas sector, KNOC aims to contribute to regional energy stability while supporting Vietnam’s growing demand for natural resources through 2050.