PETRONAS AND PETROVIETNAM STRENGTHEN PARTNERSHIP WITH 20-YEAR PSC AND UGSA EXTENSION FOR PM3 CAA

HANOI, April 10 (Bernama) -- PETRONAS, through Malaysia Petroleum Management (MPM), and Vietnam Oil and Gas Group (PETROVIETNAM) signed a Key Principles Agreement (KPA) to extend the Production Sharing Contract (PSC) and Upstream Gas Sales Agreement (UGSA) for the PM3 Commercial Arrangement Area (CAA) for another 20 years.

Covering more than 2,000 km2 of offshore fields straddling the maritime border of Malaysia and Vietnam, the PM3 CAA is a prime showcase of enduring cross-border collaboration. This milestone underscores the strong bilateral ties and shared commitment between both countries towards energy security and affordability.