US-based liquefied natural gas (LNG) company Excelerate Energy has entered into a memorandum of understanding (MOU) with Petrovietnam Gas (PV Gas) on US LNG supplies.
Under the MOU, both companies will collaborate on securing a reliable and stable supply of LNG sourced from the US as early as 2026.
The deal also requires the companies to assess PV Gas’ LNG supply needs and establish a framework for LNG sourcing.
Excelerate Energy is a provider of floating storage and regasification units and LNG solutions. The company provides a full range of services across the LNG value chain.
PV Gas is a Vietnam-based company engaged in extracting, refining, distributing and transporting natural gas and related products.
The partnership aims to leverage both companies’ capabilities to deliver cost-effective and reliable energy solutions in response to Vietnam’s growing energy demands.
Excelerate executive vice-president and chief commercial officer Oliver Simpson said: “We are pleased to partner with PV Gas on this significant opportunity. This collaboration underscores our commitment to helping Vietnam meet its growing energy needs while also providing a downstream market for US LNG supply. Together, we look forward to contributing to a sustainable and secure energy future for Vietnam.”
In January 2024, Jadestone Energy signed a heads of agreement (HOA) with PV Gas to develop the NDUM gas fields offshore Vietnam.
This agreement represents a key step towards commercialising the fields, setting a daily contract quantity of 80 million standard cubic feet under a take-or-pay arrangement.
The NDUM fields are located in shallow waters off Vietnam’s south-west coast, within the Block 46/07 and Block 51 production sharing contracts.
