Malaysia and Vietnam’s national oil and gas companies have agreed to explore more joint projects in the upstream and downstream sectors, as well as the energy transition.
The Strategic Alliance Partnership between Petroliam Nasional Bhd (Petronas) and Vietnam National Industry – Energy Group (Petrovietnam) “establishes a forward-looking framework for both organizations to leverage their respective strengths and pursue opportunities across the energy value chain, spanning upstream development, gas and liquefied natural gas, downstream opportunities, as well as low-carbon solutions”, Petronas said in an online statement.
Petronas noted its Vietnamese presence, established over four decades ago, has already “expanded across oil and gas, petrochemicals, renewable energy and LNG, supported by deep-rooted cooperation with Petrovietnam and other Vietnamese partners”.
“This longstanding partnership has also extended towards regional energy collaboration, including the tripartite renewable energy initiative between Vietnam, Malaysia and Singapore, where Malaysia serves both as a power transit hub and a demand center, alongside Singapore as a key demand center”, it added.
“Petronas remains committed to working with Petrovietnam to support Vietnam’s evolving energy needs while unlocking opportunities for broader energy cooperation across the region”.
Last year Petronas and Petrovietnam joined other companies from Malaysia, Singapore and Vietnam in an agreement to evaluate the potential export of renewable energy from Vietnam to its two neighbors via a new subsea cable.
“Together, the consortia will focus on unlocking Vietnam’s rich renewable energy resources -particularly offshore wind power – as a source for green electron generation and to supply clean electricity across borders”, said a joint statement May 26, 2025. “This alliance reflects the growing momentum towards a regionally integrated ASEAN Power Grid.
“Under this agreement, the consortia will evaluate the feasibility of exporting renewable energy from Vietnam to Malaysia and Singapore via a new subsea cable, wheeled in and through the Peninsular Malaysia National Grid with potential additional firming renewable energy generation and storage”.
Earlier last year Petronas delivered its first LNG cargo for Petrovietnam. “As the global LNG market becomes increasingly dynamic, Petronas remains committed to supporting PVN [Petrovietnam] in meeting Vietnam’s electricity demand and serving its industrial customers”, Shamsairi Ibrahim, then-Petronas vice president for LNG marketing and trading, said in a media release April 22, 2025.
Also in 2025 the companies agreed to jointly evaluate the potential of open oil and gas blocks offshore Vietnam.
“Under the arrangement, both companies will conduct geological and geophysical evaluation on selected blocks in Vietnam for one year, with PCIV [Petronas Carigali International Ventures Sdn Bhd] overseeing the study”, Petronas said April 10, 2025.
source: rigzone.com