Oil & Gas

The Government has issued Resolution No. 66.6/2025/NQ-CP dated October 28, 2025 on addressing difficulties and obstacles related to the authorization of approval rights in oil and gas activities. Under this Resolution, the Vietnam National Industry - Energy Group (PVN) is authorized to perform a number of duties and exercise certain powers of the Ministry of Industry and Trade (MOIT) in the oil and gas sector.

On October 7 in Hanoi, Vietnam National Industry - Energy Group (Petrovietnam - PVN) and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) signed a credit contract worth more than 1 billion USD for the Block B&48/95, Block 52/97 gas exploitation development project and the Block B - O Mon gas pipeline project. Deputy Prime Minister Ho Duc Phuc attended and gave a speech.

Ha Tinh Provincial People's Committee has just issued Decision No. 41/QD-UBND on approving the investment policy and selecting PetroVietnam Gas Corporation (PV GAS) as the investor of the North Central LNG Terminal project, located in Hoanh Son Ward, Ha Tinh Province.

At 11:30 a.m. on September 14, 2025, at Bach Ho field – Lot 09.1, the Vietnamese-Russian Joint Venture Vietsovpetro, through the Construction, Survey and Repair of Oil and Gas Exploitation Works Enterprise (Construction and Installation Enterprise), successfully lifted and installed the topside of the BK-24 drilling rig at sea.

The Ministry of Industry and Trade (MOIT) has submitted an official document to the Ministry of Justice, requesting an appraisal of the draft Government Resolution on delegating certain approval authorities in oil and gas exploration and production (E&P) activities to Vietnam National Energy Industry Group (PVN), which are currently under the jurisdiction of the Ministry.

In Hanoi, the Vietnam National Industry - Energy Group (Petrovietnam - PVN) and its joint venture partners signed a Production Sharing Contract (PSC) for Block 15-1 in the southern continental shelf offshore area.

During a recent visit to Vietnam, Mr. Steven Kobos, Chairman and CEO of U.S.-based Excelerate Energy, proposed the formation of a joint venture with Vietnamese partners to establish Vietnam as the liquefied natural gas (LNG) distribution hub for the ASEAN region.

The Vietnam National Industry - Energy Group (Petrovietnam – PVN) has announced that, during the state visit of General Secretary To Lam to the Republic of Azerbaijan from May 7–8, a series of significant cooperation documents were exchanged between the two nations. General Secretary To Lam and Azerbaijani President Ilham Aliyev jointly witnessed the signing ceremonies, marking a new chapter in Vietnam–Azerbaijan energy collaboration.

At Block 15-2/17 (in the Cuu Long sedimentary basin, offshore Vietnam's continental shelf), the Operator has just discovered an oil layer (about 112 meters thick) in a structure named "Golden Sea Lion". The discovery is located near Block 15-1 which is being exploited and Block 15-1/05 which is being developed.

In Ba Ria - Vung Tau province, Prime Minister Pham Minh Chinh received Mr. Thammasak Sethaudom - Chairman and General Director of SCG Group (Thailand) - investor of the Long Son Petrochemical Complex project.

In Ba Ria - Vung Tau province, Vietnam - Russia Joint Venture (Vietsovpetro), Vietnam Oil Corporation (PVOIL) and Binh Son Refinery (BSR) have just held a signing ceremony for a principal on a long-term supply contract of Bach Ho crude oil to Dung Quat Oil Refinery (period 2024 - 2027).

Recently, Vietnam Gas Corporation (PV GAS) signed a contract to sell nearly 70 thousand tons of liquefied natural gas (LNG) for the Electricity of Vietnam (EVN) to supplement gas sources for electricity production in 2024.

In Ho Chi Minh City, Vietnam Gas Corporation (PV GAS) with Jadestone Energy Petroleum Company - JSE (United Kingdom-UK) and Vietnam Oil and Gas Group (PVN) have just signed a gas trading framework agreement of Nam Du - U Minh gas field.