Kuala Lumpur: 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.

According to BERNAMA News Agency, the PM3 CAA covers more than 2,000 km² of offshore fields that straddle the maritime border of Malaysia and Vietnam. This area is a prime showcase of enduring cross-border collaboration, highlighting the strong bilateral ties and shared commitment between both countries towards ensuring energy security and affordability.

The extension of the PSC and UGSA reflects the long-standing cooperation between PETRONAS and PETROVIETNAM. It demonstrates the continued commitment to developing energy resources responsibly while maintaining regional energy stability. The joint efforts are expected to provide a reliable energy supply to meet the growing demands of both nations.

The PM3 CAA has been a successful model of international cooperation, setting a precedent for future collaborations in the energy sector. The agreements are seen as a strategic move to enhance energy partnerships and ensure the sustainable development of hydrocarbon resources in the region.