Vietnam gas and LNG energy development

Vietnam is advancing several energy initiatives focused on gas development and infrastructure. Agribank and the PetroVietnam Exploration Production Corporation (PVEP) signed a credit agreement to finance the Lot B&48/95 and Lot 52/97 gas fields offshore Southwest Vietnam. Managed by the Phu Quoc Petroleum Operating Company, this project aims to support the Lot B - O Mon gas-to-power chain to enhance national energy security.

Concurrently, Petrovietnam Gas Joint Stock Corporation (PV GAS) and ENEOS Xplora Inc. are exploring expanded cooperation within gas and liquefied natural gas (LNG) value chains. Building on a two-decade partnership, the companies are discussing technical support for enhanced oil recovery and potential LNG supply through PV GAS’s existing pipeline network, following a long-term associated gas purchase and sale contract for Block 15-2.

Expanding its international partnerships, Petrovietnam has entered into cooperation agreements with U.S.-based Murphy Oil regarding the Lac Da Vang field project (Block 15-1/05). These agreements, exchanged between Petrovietnam General Director Le Manh Cuong and Murphy Oil CEO Eric M. Hambly, are intended to secure output and realize the commercial value of the project’s expected production.

Furthermore, Petrovietnam signed a framework partnership agreement with Murphy Exploration & Production Company (MEPCO) to cooperate on oil and gas exploration and production in Vietnam. This partnership focuses on accelerating the development of the Hai Su Vang field and exploring new opportunities in the Cuu Long Basin, supported by a joint working group tasked with identifying and proposing potential projects.