The event marks a new development step in PVEP's strategy to increase oil and gas reserves and output in the Cuu Long Basin, contributing to helping PVEP consolidate the foundation for its long-term development strategy.
Signing ceremony of the petroleum product sharing contract (PSC) for Blocks 01/97 & 02/97. Photo: PVEP.
According to the approval decision of the Ministry of Industry and Trade dated November 19, 2025, PSC Block 01/97 & 02/97 was signed with the structure of PVEP holding 100% of participation rights and management rights. The signing of the Petroleum Contract for Block 01/97 & 02/97 is of special importance, contributing to the realization of new regulations of the Petroleum Law 2022; affirming the suitability of the investment incentive policy in oil and gas exploration and exploitation activities in Vietnam; at the same time ensuring the production and business goals and development strategy of PVEP and the entire Oil and Gas industry in the following years.
This is also a meaningful milestone associated with a series of events celebrating the 50th anniversary of the establishment of the Vietnam National Industry and Energy Group (1975 - 2025) and the 64th anniversary of the Vietnam Oil and Gas Industry's traditional day (November 27, 1961 - November 27, 2025).
Petrovietnam Deputy General Director Le Manh Cuong and PVEP General Director Nguyen Thien Bao signed the product sharing contract for Blocks 01/97 & 02/97. Photo: PVEP.
Commenting on this event, Petrovietnam General Director Le Ngoc Son affirmed that the signing ceremony of the Petroleum Product Sharing Contract for Blocks 01/97 & 02/97 is not only a normal production and business activity, but also a meaningful and practical gift to celebrate the industry's traditional month, and at the same time concretize the new strategic directions that the Group has set out after 50 years of development.
General Director Le Ngoc Son emphasized that the signing of the new PSC today carries three important strategic messages. Firstly, this is a vivid demonstration of the effectiveness of the new legal corridor. PSC Block 01/97 & 02/97 is one of the first oil and gas contracts realized thanks to the preferential mechanisms of the Petroleum Law 2022, affirming that the legal corridor has been truly cleared, creating motivation for Petrovietnam/PVEP to restart and take advantage of investment opportunities in places that were previously difficult to deploy effectively.
Petrovietnam General Director Le Ngoc Son speaks at the signing ceremony. Photo: PVEP.
Second, affirming the mindset of "full exploration, full exploitation" through infrastructure connection. This connection helps optimize operating costs (OPEX), share risks and increase economic efficiency for the entire project chain. This is the key for Petrovietnam to realize the goal of "full exploration, full exploitation", cherishing every barrel of oil, every cubic meter of gas, turning resource potential into resources for national development.
Third, affirming the autonomy and maturity of the Vietnam Oil and Gas team. The fact that PVEP, the Group's main unit, takes on 100% of the participation rights and the role of Operator shows the remarkable maturity in financial, technical and management capacity of Oil and Gas workers. After half a century of construction and development, we are proud to affirm that we have completely mastered the home field and technology to safely and effectively operate complex projects.
Mr. Nguyen Thien Bao - General Director of PVEP spoke at the ceremony. Photo: PVEP.
According to Mr. Nguyen Thien Bao, General Director of PVEP, Block 01/97 & 02/97 was received by Petrovietnam in its original state and managed for a long period of 08 years from July 1, 2017 under a special mechanism without additional investment. From the time of reception from July 1, 2017 to November 23, 2025, the total production output is 13.92 million barrels, total revenue is about 1.02 billion USD, contributing to the State budget nearly 312 million USD. PVEP General Director Nguyen Thien Bao emphasized that with the attention and facilitation from the Ministry of Industry and Trade, relevant ministries and branches, and the close direction of Petrovietnam, PSC Blocks 01/97 and 02/97 were the 4th contracts signed by PVEP in 2025, affirming the pioneering role of Petrovietnam in general and PVEP in particular in realizing the Party and State's policies and guidelines on attracting investment, exploiting resources associated with effectively using existing oil and gas infrastructure.
PVEP leaders expressed their belief that with the determination of Petrovietnam and PVEP, the project will continue to operate sustainably, potentially extending its operating life, optimizing costs, increasing output and positively contributing to national energy security.
Deputy Minister of Industry and Trade Nguyen Hoang Long emphasized that the task in the coming time of Petrovietnam and PVEP is to quickly deploy the next items, ensuring the project is operated safely and effectively. Photo: PVEP.
At the ceremony, Deputy Minister of Industry and Trade Nguyen Hoang Long acknowledged the efforts of Petrovietnam, PVEP and related units in the process of building, negotiating and completing the Product Sharing Contract for Blocks 01/97 & 02/97. At the same time, Deputy Minister Nguyen Hoang Long emphasized that the task in the coming time of Petrovietnam and PVEP is to quickly implement the next items, ensuring the project is operated safely, effectively, in compliance with legal regulations, and making positive contributions to the State budget and socio-economic development.
Mr. Truong Quoc Lam, Chairman of PVEP Board of Directors, pledged that PVEP will focus resources, accelerate preparations to soon implement the drilling program, optimize the existing exploitation system, and closely coordinate with neighboring projects to improve investment efficiency. PVEP also expressed its desire to continue receiving support and companionship from the Government, Ministries, branches and Petrovietnam throughout the implementation of the PSC Contract for Blocks 01/97 & 02/97.
Chairman of the Board of Directors of PVEP Truong Quoc Lam affirmed that PVEP is committed to focusing resources and speeding up preparations to soon implement the project. Photo: PVEP.
The PSC signing ceremony of Block 01/97 & 02/97 is an important event, creating a legal basis for PVEP to realize the goal of continuing to exploit and effectively the remaining potential product layers and reservoirs and creating optimal opportunities to use the oil and gas projects that have been invested and installed at Block 01/97 & 02/97 for neighboring blocks. At the same time, it creates more motivation for Petrovietnam and PVEP to continue to complete production and business goals, making increasingly greater contributions to the development of the oil and gas industry, energy and the country.
Source: https://nongnghiepmoitruong.vn/pvep-cung-co-nen-tang-cho-chien-luoc-phat-trien-dai-han-d786301.html
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