HCM CITY — Malaysia’s national oil and gas company PETRONAS has reaffirmed its commitment to working with Việt Nam to safeguard national energy security, meet rising demand and support the country’s double-digit growth target.

At a media briefing, a company representative said Việt Nam’s continued economic growth was driving up energy demand, creating a need for a balanced energy mix that ensures security and affordability while supporting lower-carbon development.

Meeting these needs will require collaboration, investment and practical solutions across the energy value chain, the representative said.

"The growth rate that we see in Việt Nam is just out of this world. The Government’s intention to achieve the famous double-digit growth is going to be a reality. When growth is that high, the energy needed to support that growth is also critical. It’s almost like driving a car: when you are driving fast, you need energy to run the car. 

"So we are excited that we are riding this journey together with Viet Nam, especially with our partner, Petrovietnam,” said Aimy Zairin Mohamed, head of PETRONAS Representative Office in Việt Nam.

Building on its 35-year presence in Việt Nam and the Strategic Alliance Agreement (SAA) recently signed with Vietnam National Industry and Energy Group (Petrovietnam), PETRONAS will draw on its trusted partnerships, integrated capabilities and regional presence.

The partnership between PETRONAS and Việt Nam spans more than three decades and is underpinned by longstanding collaboration with Petrovietnam and other stakeholders. It has expanded from upstream co-operation to cover multiple energy business segments and future opportunities.

As domestic production faces natural decline, PETRONAS has identified three potential sources to help bridge the supply-demand gap.

In domestic oil and gas production, the company will continue working with Petrovietnam to explore and develop upstream resources. The PM3 Commercial Arrangement Area (PM3 CAA), which straddles the maritime boundary between Malaysia and Việt Nam, has a framework for a 20-year contract extension to 2047.

The area is estimated to hold up to 60 million barrels of oil equivalent in remaining reserves, with produced gas transported to Việt Nam via Cà Mau.

In April 2025, PETRONAS delivered its first LNG cargo to Petrovietnam Gas Joint Stock Corporation (PV GAS). The company has more than 40 years of experience in the LNG sector.

In renewable energy, the focus is on the Việt Nam–Malaysia–Singapore (VMS) Project and projects in Việt Nam identified under the SAA.

The agreement provides a framework for deeper co-operation in upstream operations, LNG, downstream activities and low-carbon solutions.

“Resources are finite. They will deplete. So, our role here is to work with our partners to continuously look for oil and gas in Việt Nam’s basins... If we work together, we will be able to address the challenge of high demand versus low supply,” said Aimy.

PETRONAS operates across the energy value chain, from upstream resource development and gas supply to LNG, petrochemicals, trading, lubricants and clean energy. In Việt Nam, it is active in upstream operations, LNG collaboration, downstream businesses and renewable energy opportunities through Gentari. — BIZHUB/VNS