Vietnamese state energy group Petrovietnam signed multiple strategic agreements with American energy majors during the working visit of General Secretary and President To Lam to the United States between September 20 and 23. The deals establish fresh commercial frameworks, secure feedstock for domestic refining and advance key offshore field developments in Vietnam.

During the event, Petrovietnam signed a framework cooperation agreement with Chevron to establish an operational link with the integrated energy company. The arrangement gives Petrovietnam access to Chevron’s global supply networks, trading assets and transport infrastructure across crude oil, LNG, LPG and refinery feedstocks. Concurrently, subsidiary Vietnam Refinery and Petrochemical Corporation (BSR) signed a commercial crude supply deal with ExxonMobil Asia Pacific to secure a minimum of 2 million barrels annually for the Dung Quat Refinery.

In a separate session with US financial institutions, Petrovietnam General Director Le Manh Cuong outlined the group’s target to enter the Fortune Global 500 list by 2030. To achieve this, Petrovietnam projects an investment requirement of roughly US$29.2 billion for 2026–2030 across 99 planned projects, marking a 4.8-fold increase over the 2021–2025 period. The plan covers four primary sectors: exploration and production, gas and LNG, petrochemicals, and renewable power.

The delegation also met with Eric M. Hambly, Chairman and CEO of Murphy Oil Corporation. Petrovietnam and Murphy Oil exchanged formal agreements regarding the Lac Da Vang field project in Block 15-1/05. The contracts pave the way to extract and process approximately 57.4 million barrels of oil and 68.8 million MMBtu of gas by 2039, with an estimated commercial value exceeding US$4.1 billion. Additionally, Petrovietnam inked a framework agreement with Murphy Exploration & Production Company (MEPCO) to set up a joint working group focusing on the Hai Su Vang field and new opportunities in the Cuu Long basin.

Legal reforms will assist project timelines, with Le Manh Cuong noting that the amended Petroleum Law passed on August 23, 2026, shortens approval times for field development plans.