PV GAS, ENEOS Xplora seek to expand cooperation in gas, LNG

PV GAS, ENEOS Xplora seek to expand cooperation in gas, LNG

The partnership between PV GAS and ENEOS Xplora/JVPC has expanded from gas trading to technical cooperation and potential LNG supply.

Representatives of PV Gas and ENEOS Xplora/Japan Vietnam Petroleum Company Ltd. — Photo nangluonvietnam.vn

Petrovietnam Gas Joint Stock Corporation (PV GAS), a member of Vietnam National Industry - Energy Group (Petrovietnam), and ENEOS Xplora Inc are exploring broader cooperation in the gas and liquefied natural gas (LNG) value chain and energy projects.

The partnership between PV GAS and ENEOS Xplora, through its wholly owned subsidiary Japan Vietnam Petroleum Company Ltd (JVPC), started with the trading of associated gas from Block 15-2 and has since expanded to technical cooperation on enhanced oil recovery, studies on floating storage and regasification unit (FSRU) options and potential LNG supply through PV GAS’s existing gas pipeline network.

ENEOS Xplora, formerly JX Nippon Oil & Gas Exploration Corporation, is a member of Japan's ENEOS Group and operates oil and gas, natural gas and LNG projects in various countries. In Việt Nam, through JVPC, it is the operator of offshore Block 15-2.

In 2025, PV GAS and its partners signed a new associated gas purchase and sale contract for Block 15-2 under a production sharing contract, valid until 2050. More than 22 years since the first gas from the block was brought ashore, the related gas facilities have continued to operate safely and continuously, delivering about 5.4 billion cu.m of gas to shore.

PV GAS operates a large-scale gas infrastructure network in Việt Nam and has capabilities in LNG import, trading, transportation and distribution. Its Thị Vải LNG terminal and customer network in the power and industrial sectors provide a platform for connecting gas and LNG supplies with domestic demand.

ENEOS Xplora, meanwhile, has experience in offshore oil and gas projects, FSRUs, LNG receiving terminals, supply sourcing and LNG portfolio management in the Asia-Pacific region.

At a recent meeting, based on their complementary strengths, the companies looked into the possibility of broader cooperation models, with immediate focus on the optimisation of associated gas from Block 15-2 while ensuring operational safety and economic efficiency.

LNG remains a key area for potential cooperation. The two sides may explore joint approaches to sourcing, securing and managing LNG supplies, with the aim of developing a flexible and stable portfolio suited to market demand.

Previous studies on FSRU options at Block 15-2 and in the Cà Mau area could also provide a basis for assessing ways to combine LNG supplies with existing gas infrastructure.

Room also remains for the two sides to enhance the exchange of expertise regarding the investment, development, and operation of oil, gas, and LNG projects. Specifically, PV GAS’s infrastructure, market presence and operational capabilities can be synergised with ENEOS Xplora’s experience in project development, FSRU and LNG operations, and its international partner network.

The companies will continue to explore suitable opportunities and identify cooperative models capable of enhancing value across the gas and LNG supply chain in Việt Nam. 

Bizhub