London, July 17th (The Energy Circle) - The Vietnam Oil and Gas Group's Exploration Production Corporation (PVEP) has secured supply agreements to ensure national energy security.

On July 14th, PVEP signed contracts to supply crude oil to the Dung Quat Oil Refinery and to manage the supply and distribution of gas from Blocks 103 and 107 in the Ky Lan field. Additionally, a principle contract was entered into for crude oil supply from Dai Hung field’s Block 05-1a to the Dung Quat Oil Refinery, involving PVEP, Petrovietnam Oil Joint Stock Corporation (PVOIL), and Binh Son Refining and Petrochemical Joint Stock Company (BSR).

When the Vietnamese government compiled its ‘2030 National Energy Development Strategy’  it set out to create a competitive energy market by 2030 with renewable energy making up between 15% and 20% of total energy production. The government hopes to achieve a 70% target for renewable energy by 2045.

Contractors and investors in new gas exploitation projects can now enter into direct negotiations for gas sales, sold either on the consumer market or wholesale to Petrovietnam or PV GAS. The government strategy addresses evolving national energy security requirements and creates agility in response to adverse changes in the global crude oil market. Implementation will also balance interests across Petrovietnam's diverse business operations, thus stabilizing the energy market and solidifying national energy security.