Petronas' subsidiary PC Vietnam (PCVL) has agreed to transfer Blocks 01 and 02 in the Cuu Long basin in offshore Vietnam to the host authority once the production sharing contract (PSC) expires.

The PSC is scheduled to expire after 26 years on 9 September this year.

Once the PSC ends, PCVL will terminate all its operations as stated in the contract terms. 

Petronas president and group CEO Datuk Wan Zulkiflee Wan Ariffin said: "We have come a long way since our entry into Vietnam in 1991, which was an important first step at the beginning of our globalisation journey. 

"The parent company will continue to operate the upstream production activities for Blocks 102 and 106."

"As a pioneer investor in the oil and gas industry of Vietnam, we are proud to have been given the opportunity by the host government to play a significant role in the development of the country’s oil and gas and petrochemical industries." 

The parent company will continue to operate the upstream production activities for Blocks 102 and 106, which are both in North Vietnam's Song Hong Basin. These two blocks are operated by Petronas Carigali Overseas (PCOSB).

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Petronas also plans to pursue additional opportunities in its downstream businesses in Vietnam, particularly in the lubricants and petrochemical sectors.

Established in 1974, Malaysia’s Petronas has operations in more than 50 countries worldwide in various aspects ranging from exploration to marketing.