Qualampur: Signed a major principle agreement (KPA) to expand the production sharing contract (PSC) and upstream gas sales agreement (UGSA) for another 20 years through Petronas, Malaysia Petroleum Management (MPM), and Vietnam Oil & Group (Petrootanam) for another 20 years.
The PM3 CAA is a major performance to abolish cross-border cooperation, covering the maritime border of Malaysia and Vietnam over 2,000 km of offshore areas.
This milestone outlines strong bilateral relations and underlines a shared commitment between the two countries towards energy security and strength.
Senior Vice President of MPM Datuk Bacho Pilong said, “With the estimated reserve of 60 million barrel oil counterparts (MMBOE), abundant hydrocarbon resources in PM3 CAA play an important role in contributing to sustainable energy security in the field.”
“Agreement underlines unwavering commitment from both Petronas and Petrootanam to further enhance their long -term cooperation, which has been important for the progress of PM3, from investigation, development to final migration of resources.”
The KPA sets the structure for the continuity of PSC and UGSA by 31 December 2047, ensures production continuity in seven regions and unlocks further possible PM3 CAA.
PM3 CAA PSC features have also been deployed as a strategic hub to support tie-in from pass discoveries-customization of property use and strengthening energy security in both Malaysia and Vietnam.
The domestic market UGSA has been structured to maintain the economic viability of future gas sector development.
The major words for a new UGSA will ensure continuous supply to Malaysia through Carth and Vietnam via CA Mau, supporting the national energy demands of both countries.
PM3 CAA is also expected to include plans for the re -recitation of carbon dioxide (CO₂) produced from petroleum production activities – bringing the area as a potential hub for the CO₂ sequence.
This approach supports the net-zero aspirations of the net-zero ambitions of both countries by 2050.
