Block 16-1/15 covers an area of 3,102 km2, situated in the Cuu Long Basin of the continental shelf of Vietnam, approximately 70 km southeast of Vung Tau city. The Production Sharing Contract (PSC) for Block 16-1/15 was signed on May 16, 2016, between the Vietnam Oil and Gas Group and the Contractor Consortium: LDVN Vietsovpetro (51%), PVEP (29%), Bitexco (10%), and Sovico (10%). Investment certificate No. 000038 was issued on June 10, 2016. The PSC duration is 25 years for crude oil, 30 years for natural gas, with the possibility of extension for up to 5 years. The exploration phase spans 5 years, divided into two stages: Stage I – 3 years and Stage II – 2 years. Three wells, CV-1X, SV-1X, and SV-2X, have been drilled by the operator. The 3C hydrocarbon resources of Block 16-1/15 amount to 43,785 m3, with contingent resources (R1) of 224,621 m3. Currently, the block is in the exploration and evaluation phase.