On April 9, Deputy Prime Minister Bui Thanh Son formally delivered the Prime Minister’s decision to rename the Vietnam Oil and Gas Group as the “Vietnam National Industrial and Energy Group,” retaining the abbreviation PETROVIETNAM (PVN). The change marks its transition from a traditional oil and gas enterprise to a national center for energy, industry, and services, with a mission of sustainability, innovation, and energy security. The rebranding aligns with Vietnam’s commitment to achieving net-zero emissions by 2050 and the Politburo’s strategic direction for Vietnam’s oil and gas sector under Resolution No. 41, which emphasized the importance of leveraging the sector’s strengths to develop the renewable and new energy industries, including the promotion of offshore wind and developing hydrogen and ammonia production.
In a separate development, Petrovietnam and Malaysia’s Petronas signed a key principal agreement for a 20-year extension to their Petroleum Sharing Contract (PSC) for Block PM3 CAA. With the current production capacity of 20,000 barrels of oil and 200 million cubic feet of gas per day, since its 1989 inception, the project has generated US$24.8 billion in revenues and contributed significantly to both countries’ economic development. The renewed PSC and related Upstream Gas Sales Agreement will take effect in 2028, ensuring continued energy supply and incorporating carbon dioxide reinjection initiatives. With estimated reserves of 60 million barrels of oil equivalent remaining, PM3 CAA is poised to become a strategic carbon sequestration hub, reinforcing both ASEAN’s net-zero ambitions.
