Petronas, Malaysia's state-owned oil and gas company, has signed a memorandum of cooperation (MoC) with Vietnam Oil and Gas Group (PetroVietnam) to explore potential collaboration opportunities in the upstream, renewable energy, gas, and downstream sectors in Vietnam. The MoC covers potential collaborations in decarbonization efforts, emphasizing the development of solutions in sustainable energy, liquefied natural gas (LNG), and petrochemicals. Both companies aspire to contribute responsibly to energy provision, fostering economic growth while moving towards a lower-carbon future. The collaboration aims to provide pragmatic solutions for a just energy transition in their respective countries and the region.

Meanwhile, PetroVietnam, along with its subsidiary Vietnam Gas Corporation (PV GAS), celebrated the inauguration of the Thi Vai Liquefied Natural Gas (LNG) terminal. This facility, the largest LNG terminal in Vietnam, has a capacity of 1 million tons. Spanning around five hectares, the Thi Vai LNG terminal commenced construction in October 2019 with a total investment of nearly $300 million. Equipped to receive LNG tankers of up to 100,000 deadweight tonnage (DWT), the terminal's tank boasts a storage capacity of 6.36 million cubic feet (180,000 cubic meters). Plans for the second phase of construction aim to elevate the terminal's capacity to 3 million tons per year.

Additionally, Petronas is undertaking an offshore multi-client 2D seismic survey in the northern area of the Straits of Melaka to explore and map the hydrocarbon potential in the open blocks of PM320 and PM321 of the Langkasuka Basin. The survey, started in October and set to be completed in late December, aims to enhance the availability of seismic data, increasing the probability of discovering hydrocarbon potential. Petronas' investment in data enrichment for Malaysian basins includes this survey in the emerging Langkasuka Basin. A recent study indicates hydrocarbon potential in the unexplored deeper pre-Tertiary formation. The first exploration probe is anticipated within the next three years to test this promising geological play.

Furthermore, Petronas achieved an oil discovery in collaboration with Exxon Mobil Corp. in the Roystonea-1 exploration well in Block 52, offshore Suriname. The well, drilled to a depth of 5,315 meters, encountered several oil-bearing Campanian sandstone reservoir packages. This marks the second discovery in Block 52, where ExxonMobil holds a 50 percent stake, following the Sloanea-1 exploration well. The Roystonea-1 well is positioned approximately 185 kilometers off the coast of Suriname in the Caribbean, contributing to Petronas' exploration success in the region.