Petrovietnam is stepping up energy projects and deepening Vietnam-US business cooperation
Within the framework of the working program of General Secretary and President To Lam in the United States (September 20-23), Petrovietnam participated in activities to meet with businesses, financial institutions and energy partners, thereby promoting the implementation of oil and gas projects, expanding investment opportunities and contributing to deepening cooperation between Vietnamese and US businesses.
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| 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 refinery feedstocks; increase flexibility and responsiveness to supply fluctuations and disruptions; and open opportunities for cooperation in import infrastructure, energy storage, financial and commercial solutions, technology, and emissions reduction.
In addition, the crude oil supply agreement between Vietnam Refining and Petrochemical Corporation (BSR) and Exxon Mobil Asia Pacific is very important, helping ensure 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 opportunities for cooperation.
To achieve the goal of being included in the Fortune Global 500 list by 2030, General Director Le Manh Cuong said that Petrovietnam needs to develop a “new growth asset class” of sufficient scale before then.
Petrovietnam's investment needs for the period 2026–2030 are projected at approximately US$29.2 billion, a 4.8-fold increase over 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; the gas and LNG industry; petrochemicals and chemicals; and the electricity and renewable energy industry.
Petrovietnam's goal is to build long-term partnerships that share 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 realising 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 optimising 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 expressed its appreciation for the cooperation of Petrovietnam and its member units in resolving obstacles and accelerating project progress.
General Director Le Manh Cuong emphasised that ensuring energy security is essential and linked to national security. The amended Petroleum Law, passed by the 16th National Assembly on August 23, 2026, creates a more favourable 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, to ensure 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.
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