GE Vernova has announced that PetroVietnam Power Corporation’s (PV Power) Nhon Trach 3 and 4 power plants have officially entered commercial operation. Located at Ong Keo Industrial Park in Dai Phuoc Commune, around 70 km south-east of Ho Chi Minh City, the twin plants represent Vietnam’s first foray into LNG-fired electricity generation. With a combined installed capacity of 1.6 GW, the project is expected to play a central role in meeting rising power demand in the country’s industrial south.

Delivered by an engineering, procurement and construction (EPC) consortium comprising Samsung C&T and Vietnamese contractor Lilama, the project deploys GE Vernova’s HA-class gas turbine technology. Each plant is equipped with advanced 9HA.02 gas turbines, which the company says enable the facility to achieve combined-cycle efficiency of more than 63% and places it among the most efficient gas-fired power stations globally.

According to a PV Power spokesperson, the efficiency gains translate into a substantial reduction in emissions. Compared with coal-fired plants of equivalent capacity, carbon emissions are estimated to be around 60% lower.

Fuel flexibility has also been designed into the project from the outset. While the turbines are currently operating on LNG, they are capable of co-firing up to 50% hydrogen, with technical provisions that could allow a transition to 100% hydrogen in the future. PV Power says this positions the project to support Vietnam’s pledge to achieve net zero emissions by 2050.

Nhon Trach 3 and 4 are intended to support the rapid expansion of renewable energy across the country. High-efficiency combined-cycle gas plants can provide fast-ramping, flexible generation, helping to stabilise the grid as increasing volumes of solar and wind power are added.

The project aligns closely with Vietnam’s revised National Power Development Plan VIII, which identifies LNG as a key source of flexible generation during a transition away from coal. Under the plan, LNG-fired capacity is projected to reach 22 GW by 2030, accounting for roughly 9.5–12.3% of total installed capacity.

‘Renewable energy is expected to grow significantly in Vietnam while at the same time, lower-carbon and highly efficient gas power generation will play a crucial role in supporting this growth while ensuring grid stability and reliability,’ comments Ramesh Singaram, President and CEO of GE Vernova’s Gas Power business in the Asia-Pacific region. He adds that the project will supply electricity to major industrial centres, including Ho Chi Minh City and Dong Nai Province, while opening ‘a new chapter for gas power generation in Vietnam’.

Murphy Oil confirms major find in Vietnam

While LNG is helping to reshape Vietnam’s downstream power mix, developments offshore suggest the country’s oil sector may also be poised for a revival. Murphy Oil has confirmed a major discovery at the Hai Su Vang (HSV) prospect in the offshore Cuu Long Basin, a find that market analyst Wood Mackenzie says could be the largest in south-east Asia in the past 20 years.

Murphy estimates recoverable resources at the upper end of a 170–430mn boe range, with additional upside potential from shallower reservoir sections. The HSV-2X appraisal well encountered 429 ft of oil pay across two reservoirs and flowed at a test rate of 6,000 b/d of 37° API oil.

‘In a predominantly gas-prone region, oil discoveries of this scale are exceptional,’ says Angus Rodger, Head of Asia-Pacific upstream analysis for Wood Mackenzie. He notes that HSV ranks as the third-largest oil discovery in south-east Asia since 2000, behind only Indonesia’s Banyu Urip and Malaysia’s Gumusut fields.

Discovered by ExxonMobil in 2001, with an estimated 450mn barrels of oil, Banyu Urip’s potential has since been expanded to more than 1bn barrels. The field currently accounts for more than 25% of Indonesia’s national oil production. Gumusut was discovered by a Shell-led consortium in the deep waters of Malaysia in 2003. At the time of its discovery, reserves were estimated at 300–500mn boe.

For Vietnam, the HSV discovery offers the prospect of arresting a long-term decline in oil production. National output has fallen steadily from around 365,000 b/d in 2005 to less than 120,000 b/d in 2025, according to Wood Mackenzie.

The timing is also notable, coming as Vietnam runs an offshore licensing round that includes acreage in the mature Cuu Long Basin. Wood Mackenzie suggests confirmation of a discovery of this magnitude could reinvigorate exploration interest. However, challenges remain. Vietnam has historically been criticised for slow regulatory processes and limited data transparency, factors that have deterred some investors and delayed developments, adds the market analyst. But recent reforms may help shift perceptions. Amendments to the petroleum law in 2023, alongside new leadership at the Ministry of Industry and Trade, are intended to improve the investment climate. Positive changes are in place, but execution will be key, continues Wood Mackenzie, noting that the pace of commercialisation at HSV will be closely watched.

Exploration momentum builds

HSV marks Murphy’s second major oil discovery in south-east Asia, following its 2002 Kikeh find offshore Malaysia. The company sold its Malaysian portfolio to PTTEP in 2019 and has since pivoted to Vietnam, where it is also developing the Lac Da Vang field, due onstream later this year.

‘HSV is great news for oil-focused exploration in the region, with other high-impact wells still to come in 2026,’ says Wood Mackenzie. It has identified three Asia-Pacific ‘wells to watch’ over the next 12 months that are targeting material liquids targets. These include TotalEnergies’ ultra-deepwater Maliu-1 in Papua New Guinea (targeting 500+ mnboe), Pertamina’s Besar-1 offshore Indonesia (450mn boe target), and TotalEnergies’ Jampuk-1 in the ultra-deepwater of Malaysian Sabah.

‘South-east Asia is proving that mature basins still hold significant potential when paired with modern exploration techniques and improved fiscal terms,’ concludes Rodger. ‘The challenge now is converting these discoveries into production that will require sustained commitment from both governments and operators.’