Post by : Shakul

Vietnam took a major step toward strengthening its energy sector on June 19 as Standing Deputy Prime Minister Pham Gia Tuc witnessed the signing of two important oil and gas agreements between Petrovietnam, PVEP, and their partners.

The agreements include a Production Sharing Contract for Blocks 10/11 and 10&11-1 and a Gas Sales and Purchase Agreement for the Su Tu Trang Phase 2B gas project in Block 15-1. Officials said the deals will support energy security, increase resource development, and create new growth opportunities for the country's oil and gas industry.

Speaking at the event, industry leaders highlighted that the new exploration blocks are located in the South Con Son Basin and will be developed using existing infrastructure from nearby projects. This approach is expected to reduce costs, improve efficiency, and accelerate the commercial production of oil and gas resources.

Minister of Industry and Trade Le Manh Hung said the project reflects Vietnam’s long-term strategy of expanding domestic energy production while making better use of existing facilities and experienced personnel. He added that the development will contribute to economic growth and strengthen Vietnam’s rights and interests in offshore areas.

Another major agreement signed during the ceremony focused on the Su Tu Trang Phase 2B gas field in the Cuu Long Basin. The project is expected to provide a stable gas supply for power plants in southern Vietnam, including the Phu My and Nhon Trach gas-fired power complexes.

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Petrovietnam Chairman Le Ngoc Son said the agreement is important for addressing future gas shortages in the Southeast region. He noted that the project aligns with the group's vision of becoming a leading global energy company while supporting Vietnam’s economic development goals.

Officials and project partners pledged to work closely together to ensure the projects are implemented safely and efficiently. They also emphasized the use of advanced technology, digital transformation, and modern management practices to maximize the value of Vietnam’s energy resources and support sustainable national development.

#Energy #Economy #Vietnam #Oil Market