Oil and Gas Industry are a major contributor to Government of Indonesia (GOI) revenue, and in 2016 the upstream oil and gas sector contributed US$ 23.7 billion to Indonesia’s gross domestic products (GDP), or 3.3 percent of the country’s economy. PT Perusahaan Gas Negara (Persero) Tbk ("PGN"), a state-owned company that specializes in gas distribution industries and natural gas plays a significant role in the fulfillment of domestic natural gas. However, the oil and gas industry in Indonesia has experienced a dramatic volatility that also gives impact to PGN performance which showed that PGN net income and profitability trends continued to decline in the last five years. The income started to decline from US $ 845 million in 2013 to US $ 711 million in 2014, US $ 401 million in 2015, US $ 304 million in 2016, and US $ 143 million in 2017. The aims of this study are to examine potential revenue stream and to measure the feasibility of PGN investment in Vietnam for the period 2019 - 2037. The secondary data related with the project were used in this study. Political, Economic, Social, Technological, Environmental and Legal (PESTEL) analysis, Capital Budgeting Model indicators: Payback Period, Return on Investment (ROI), Net Present Value (NPV), NPV Index, Discounted Payback Period, and Internal Rate of Return (IRR) were used to analyze the data. The finding shows that based on PESTEL analysis the project is feasible to be implemented. While the capital budgeting indicator s met the standard requirement of PGN. The authors believe that the findings will be beneficial for the Company to explore another revenue stream opportunities in order to provide a higher return.