Deputy Minister of Industry and Trade Nguyen Hoang Long attended the signing ceremony of the Agreement in Principle to extend the Petroleum Product Sharing Contract for Block PM3 CAA.

On April 9, in Hanoi, Vietnam National Energy and Industry Group (PVN), Petronas Group (Malaysia) and the Contractor Consortium including: Hibiscus Oil and Gas Malaysia Ltd. (Hibiscus) - Operator, Petronas Carigali Sdn. Bhd. (PCSB) and PetroVietnam Exploration and Production Corporation (PVEP) held the Signing Ceremony of the Main Principle Agreement to extend the Petroleum Product Sharing Contract for Block PM3 CAA.

Bộ Công thương•10/04/2025

Attending the signing ceremony were Deputy Minister of Industry and Trade Nguyen Hoang Long, representatives of the Department of Oil, Gas and Coal of the Ministry of Industry and Trade. Block PM3 CAA Project is one of the special projects, located in the overlapping area between the two countries of Vietnam and Malaysia, which has been a testament to the trust and effective cooperation of the two countries over the past 30 years with a cumulative production output of 250 million barrels of oil and 43 billion cubic meters of gas, total revenue of more than 25 billion USD, not only reflecting the potential of the mine, but more importantly, demonstrating the capacity, creativity and spirit of effective cooperation of all Contractors in particular and of the two countries in general.

Speaking at the ceremony, Deputy Minister Nguyen Hoang Long highly appreciated the efforts of the two host countries, the two corporations, and the partners in the Contractor Consortium - especially Hibiscus, PCSB and PVEP in promoting the contract extension process this time. This is a strategic decision, helping the two countries continue to exploit resources, while maintaining a stable and long-term supply of natural gas for the Southwest region - where the Ca Mau Gas - Power - Fertilizer Complex is playing a very important role in ensuring energy security, food security and promoting regional economic development.

Deputy Minister Nguyen Hoang Long requested the contractors to continue to coordinate closely and effectively implement the committed contents, ensuring progress, safety and compliance with the laws of Vietnam and Malaysia. In particular, it is necessary to promptly assess the potential of new discoveries such as the Bunga Aster well to take advantage of the opportunity to put it into commercial exploitation in 2025.

On the part of the Ministry of Industry and Trade, in its role as the state agency managing the oil and gas sector, it pledges to continue to accompany, support and create the most favorable conditions for the project to be implemented safely and effectively, bringing harmonious benefits to the participating Parties, making practical contributions to both Vietnam and Malaysia.

Source: Department of Petroleum and Coal

Source: https://moit.gov.vn/tin-tuc/hoat-dong/thu-truong-bo-cong-thuong-nguyen-hoang-long-du-le-ky-thoa-thuan-nguyen-tac-chinh-gia-han-hop-dong-chia-san-pham-dau-khi-.html