Petrovietnam Signs Two Oil and Gas Exploration Contracts and Sư Tử Trắng Gas Sales Agreement

Petrovietnam signed two oil and gas exploration production contracts (PSCs) for blocks 10/11 and 10&11-1, and a gas sales and purchase agreement (GSPA) for Sư Tử Trắng Phase 2B on 19 June 2026, in a ceremony witnessed by Permanent Deputy Prime Minister Pham Gia Tuoc. The agreements were signed by Petrovietnam, PVEP, and their partners.

Scope of the agreements

The PSCs cover exploration and development activities for blocks located at the western edge of the Nam Con Son basin. PVEP holds 100% of the rights and directly manages the projects.

For Sư Tử Trắng Phase 2B, the GSPA is intended to complete the commercial pathway for gas from block 15-1.

Development approach and rationale

Rather than building a new offshore extraction system, Petrovietnam said it will use existing infrastructure at the Dau Hung field and other facilities in the area. The company stated that this approach is expected to reduce capital expenditure, shorten development time, and improve extraction efficiency.

PVN’s Le Ngoc Son said the strategy is to form large-scale field clusters that maximize existing assets to increase reserves and output. He added that the plan leverages experience in offshore projects and current infrastructure to bring discoveries to commercial production sooner.

Government and industry objectives

Industry and Trade Minister Le Manh Hung said the two new PSCs will broaden PVEP’s presence in Vietnam. He also noted that they will help utilize the workforce and technical framework developed over many years in the Nam Con Son area, supporting growth and affirming Vietnam’s energy sovereignty.

Gas supply role of Sư Tử Trắng Phase 2B

The Sư Tử Trắng Phase 2B gas sale is described as the final step in commercializing gas from block 15-1. It is intended to supplement gas supply for Southeast Vietnam, where gas-fired power plants such as Phu My and Nhon Trach are located. The arrangement is also aimed at improving the utilization of existing gas infrastructure across exploration, transportation, and power generation.

Expected impact and commitments

PVEP said the agreement is expected to strengthen its role as a core energy group in the region and contribute to Vietnam’s goal of becoming a modern, multi-sector energy corporation.

The parties committed to continuing to implement project components on schedule and to expanding the use of technology, digitalization, and modern governance to improve investment efficiency, maximize resource value, and ensure national energy security.