Petrovietnam signs important contracts to create motivation to ensure energy security and double-digit growth goals
On June 19, 2026 in Hanoi, Vietnam National Energy Industry Group (Petrovietnam) held a signing ceremony of two key energy contracts, marking an important step in the group's strategy of ensuring energy security and aiming for double-digit growth.
The event was attended by Petrovietnam leaders, international partners, representatives of relevant ministries, branches and press agencies. Two contracts signed during the ceremony include: Petroleum Product Sharing Contract (PSC) for Blocks 10, 11 and 10-11-1 and Gas Purchase Agreement (GSPA) phase 2B for Su Tu Trang field at Block 15-1.
Details of signed contracts
The Petroleum Product Sharing Contract (PSC) for Blocks 10, 11 and 10-11-1 was signed between Petrovietnam and international partners, including the world's leading energy corporation. These oil and gas blocks are located in the southern continental shelf area of Vietnam, have large oil and gas reserve potential and are expected to contribute significantly to the country's oil and gas output in the coming years.
For Gas Purchase Agreement (GSPA) phase 2B for Su Tu Trang field at Block 15-1, this is the next step after previous successful development stages. Su Tu Trang Mine has been providing natural gas to power plants in the southern region, making an important contribution to energy security and regional socio-economic development.
Importance to national energy security
The signing of these contracts is especially important in the context of Vietnam's efforts to ensure national energy security. These projects not only help increase domestic oil and gas production but also contribute to diversifying energy supplies and reducing dependence on imports.
| Parameter | Lots 10, 11 and 10-11-1 | Su Tu Trang Mine (Phase 2B) |
|---|---|---|
| Location | Southern continental shelf of Vietnam | Lot 15-1 |
| Energy type | Oil and gas | Natural gas |
| Contract term | 25 years | 20 years |
| Main partner | International Energy Corporation | Domestic and foreign oil and gas companies |
Aiming for double-digit growth
According to Petrovietnam's development plan, the signing of these contracts is one of the important driving forces to help the group achieve its double-digit growth target in the period 2026-2030. These projects are expected to contribute about 15-20% to Petrovietnam's total revenue in the next 5 years.
Petrovietnam leaders said that these contracts not only bring economic benefits but also demonstrate the group's commitment to applying advanced technology, environmental protection and sustainable development. Projects will comply with international standards on safety, health and environment.
Reaction from stakeholders
Speaking at the signing ceremony, the Minister of Industry and Trade emphasized: "The signing of these contracts is an important success in the development strategy of Vietnam's oil and gas industry. The Government highly appreciates Petrovietnam's efforts in attracting foreign investment and international cooperation to develop key energy projects."
From the international partners, representatives of the participating energy groups said: "We believe in the potential of these oil and gas blocks and commit to working closely with Petrovietnam to effectively implement the projects, bringing benefits to all parties and contributing to regional energy security."
Future vision
Analysts say that the successful signing of these contracts opens up great opportunities for Petrovietnam to continue to seek and develop new oil and gas projects at home and abroad. At the same time, this is also an important step in Vietnam's energy transition process, towards the goal of sustainable development and emission reduction.
Petrovietnam has set a goal that by 2030, gradually reduce the proportion of oil in the energy structure and increase the proportion of gas and renewable energy. Gas projects such as Su Tu Trang field phase 2B play an important role in this strategy.
In the context of global energy transition, Petrovietnam is also actively researching and developing renewable energy projects, especially wind power and offshore solar power, to diversify its investment portfolio and minimize environmental impact.
At the end of the ceremony, Petrovietnam leaders expressed gratitude for the support of the Government, ministries, branches and international partners. The Group commits to making efforts to effectively implement signed contracts, ensuring progress and quality, contributing to the sustainable development of Vietnam's oil and gas industry and the country.