Petrovietnam is stepping up energy projects and deepening Vietnam-US business cooperation.

General Secretary and President To Lam, along with other Party and State leaders, witnessed the signing ceremony of the framework cooperation agreement between Petrovietnam and Chevron.

On this occasion, General Secretary and President To Lam witnessed the signing ceremony of contracts and cooperation agreements between Vietnamese and US businesses.

Petrovietnam and Chevron establish a formal cooperation framework.

In the energy sector, the Vietnam National Energy and Industry Corporation (Petrovietnam) and Chevron signed a framework cooperation agreement. The Vietnam Refinery and Petrochemical Corporation ( BSR ), a subsidiary of Petrovietnam, and ExxonMobil Asia Pacific signed a crude oil supply agreement.

Accordingly, the Framework Agreement between Petrovietnam and Chevron creates a formal cooperation framework with an integrated energy corporation that possesses global supply sources, commercial capabilities, transportation, and operational networks.

Cooperation with Chevron can help Petrovietnam diversify its sources of crude oil, LNG, LPG, and feedstock for refineries; increase flexibility and responsiveness to fluctuations and disruptions in supply; and open up opportunities for cooperation in import infrastructure, energy storage, financial and commercial solutions, technology, and emission reduction.

In addition, the crude oil supply agreement between Vietnam Refining and Petrochemical Corporation (BSR) and Exxon Mobil Asia Pacific is very important, contributing to ensuring a minimum crude oil supply of 2 million barrels per year for the Dung Quat Refinery.

Petrovietnam aims to build long-term cooperative relationships with US financial institutions and investment funds.

Also on the morning of September 23, General Secretary and President To Lam attended a roundtable discussion with leaders of US financial institutions and investment funds. At this event, Petrovietnam General Director Le Manh Cuong presented the Group's development orientation, investment needs, and cooperation opportunities.

To realize the goal of being included in the Fortune Global 500 list by 2030, General Director Le Manh Cuong said that Petrovietnam needs to form a "new growth asset class" of sufficient scale before 2030.

Petrovietnam's investment needs for the period 2026–2030 are projected to be approximately US$29.2 billion, a 4.8-fold increase compared to the 2021–2025 period, with a portfolio of 99 projects across 5 main business areas.

These include four main investment groups: exploration, exploitation and development of mines; gas and LNG industry; petrochemicals and chemicals; and electricity and renewable energy industry.

Petrovietnam's goal is to build long-term partnerships, sharing opportunities, resources, experience, and benefits across both traditional and new energy value chains.

On this occasion, General Director Le Manh Cuong expressed his wish for banks, development finance institutions, investment funds, export credit institutions, and international investors to become strategic partners and long-term collaborators with Petrovietnam.

Petrovietnam and Murphy Oil reaffirm their commitment to strategic cooperation.

Later that same day in New York, General Secretary and President To Lam met with Mr. Eric M. Hambly, Chairman and CEO of Murphy Oil Corporation.

In the presence of General Secretary and President To Lam, Petrovietnam General Director Le Manh Cuong and Mr. Eric M. Hambly, Chairman and CEO of Murphy Oil Group, exchanged agreements related to the Lac Da Vang field project, Block 15-1/05 in Vietnam. These documents are crucial in ensuring the output and realizing the commercial value of the entire projected oil and gas production from the project.

These agreements lay the foundation for the extraction and consumption of approximately 57.4 million barrels of oil and 68.8 million MMBtu of gas by 2039, with an estimated total commercial value of over US$4.1 billion; while also establishing a complete mechanism for oil extraction, coordinated oil sales, gas trading, and gas connection and transportation infrastructure.

Therefore, the contract not only guarantees long-term revenue streams for the participating parties but also serves as a crucial condition for bringing the project's output to market and optimizing the recovery value from both the associated oil and gas.

Prior to the meeting, General Director Le Manh Cuong and Mr. Eric M. Hambly discussed the progress of joint projects, focusing on the development of the Lac Da Vang and Hai Su Vang fields. During the meeting, Murphy Oil highly appreciated the cooperation of Petrovietnam and its member units in resolving obstacles and accelerating project progress.

General Director Le Manh Cuong emphasized that ensuring energy security is an essential requirement, linked to ensuring national security. The amended Petroleum Law, passed by the 16th National Assembly on August 23, 2026, creates a more favorable legal framework for Petrovietnam and its partners to implement projects on schedule, especially by shortening the approval time for ODP/FDP (field development plans). In addition, with the goal of ensuring national energy security, the Government has directed Petrovietnam to build a Strategic Petroleum Reserve (SPR).

Leaders of Petrovietnam and Murphy Oil affirmed their commitment to strategic cooperation to accelerate exploration, development, and production activities in Vietnam.

General Secretary and President To Lam, along with other Party and State leaders, witnessed the signing ceremony of the framework cooperation agreement between Petrovietnam and Chevron.

On this occasion, Petrovietnam signed a framework agreement on partnership with Murphy Exploration & Production Company (MEPCO). The agreement provides a framework for Petrovietnam and Murphy to promote concrete cooperation opportunities in oil and gas exploration and production in Vietnam.

Initially, both sides will focus on accelerating the development of the Hai Su Vang field and exploring new E&P opportunities, particularly in the Cuu Long basin. The agreement also establishes a joint working group mechanism to proactively identify, assess, and propose potential projects, laying the groundwork for transforming cooperation opportunities into concrete projects in the future.

The cooperation between Petrovietnam and Murphy Oil in particular, and between Petrovietnam and US businesses in general, is being concretized with clear tasks and objectives. These results contribute to ensuring energy security while deepening the cooperative relationship between Vietnamese and US businesses.

vietnam.vn