Petrovietnam promotes energy projects and deepens Vietnam-US business cooperation.

Mr. Le Manh Cuong, General Director of Petrovietnam, held a meeting with the leadership of Murphy Oil.

On the morning of September 23rd (local time), at the signing ceremony of contracts and cooperation agreements between Vietnamese and US businesses, Petrovietnam and Chevron signed a framework cooperation agreement in the energy sector. Vietnam Refinery and Petrochemical Corporation (BSR), a member unit of Petrovietnam, and ExxonMobil Asia-Pacific signed an agreement for the supply of crude oil.

Specifically, the framework agreement between Petrovietnam and Chevron creates a formal cooperation framework with an integrated energy corporation possessing global supply sources, commercial capabilities, transportation, and operational networks. Cooperation with Chevron can support Petrovietnam in diversifying its sources of crude oil, LNG, LPG, and feedstock for refineries; increasing flexibility and responsiveness to supply fluctuations and disruptions; and opening opportunities for cooperation in import infrastructure, energy storage, financial and commercial solutions, technology, and emission reduction.

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

Also on the morning of September 23rd, at a roundtable discussion with leaders of US financial institutions and investment funds, Petrovietnam General Director Le Manh Cuong introduced the group's development orientation, investment needs, and cooperation opportunities.

Petrovietnam's offshore oil and gas drilling platform.

To realize its goal of being included in the Fortune Global 500 list by 2030, General Director Le Manh Cuong stated that Petrovietnam needs to form a "new growth asset class" of sufficient scale before 2030. Petrovietnam's investment needs for the 2026-2030 period are projected at approximately US$29.2 billion, a 4.8-fold increase compared to the 2021-2025 period, with a portfolio of 99 projects across five main business areas. These include four main investment groups: exploration, production and development; gas and LNG industry; refining, petrochemicals and chemicals; and power and renewable energy industry.

Petrovietnam's goal is to build long-term cooperative relationships, sharing opportunities, resources, experience, and benefits across traditional and new energy value chains. On this occasion, General Director Le Manh Cuong expressed his hope that banks, development finance institutions, investment funds, export credit institutions, and international investors would become strategic partners, accompanying Petrovietnam for the long term.

Later that same day in New York, Pt. 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 (Golden Camel) field project, Block 15-1/05 in Vietnam. These documents are crucial in securing 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; they also establish 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 all participating parties but also serves as a crucial condition for bringing the project's output to market and optimizing the recovery value from both 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.

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, the two sides will focus on accelerating the development of the Hai Su Vang field and researching 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, paving the way 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