During 35 years of construction and development, under the direction of Vietnam Oil and Gas Group ( Petrovietnam ), PetroVietnam Exploration and Production Corporation (PVEP) has always adhered to its goals, missions and visions to become the main and core unit of Petrovietnam in the field of oil and gas exploration and exploitation.
Maintain the tradition
In the overall development of the Vietnam Oil and Gas industry, PVEP is a unit with a long tradition, playing the role of the main and core unit of Petrovietnam in the field of oil and gas exploration and exploitation. The formation and development process of PVEP is closely linked to the development history of the Vietnam Oil and Gas industry over the past half century.
The establishment of PetroVietnam II (PV-II) and PetroVietnam I (PV-I) in 1988 opened the stage of international integration of PVEP, and at the same time began to form the field of management and operation of oil and gas projects to implement activities and projects of oil and gas exploration and exploitation in the country and then expand investment abroad. With the turning point of this event, May 20th of each year was recognized by Petrovietnam as the Traditional Day of the Oil and Gas Exploration and Production Corporation.
In 1994, PVEP joined with BHP Operator and other contractors to successfully assess and put Dai Hung oil field into operation. This event marked the first glorious achievement that PVEP achieved, as well as contributed significantly to increasing foreign investment attraction in oil and gas exploration and prospecting in most sedimentary basins in Vietnam.
Immediately after that, PVEP and many contractors successfully searched and explored many other objects and put them into later development stages such as discovering Rang Dong field, Lot 15-2, exploiting Hong Ngoc field, expanding exploration and exploitation of oil and gas in the basement at Su Tu Den, Su Tu Vang, Ca Ngu Vang, and Diamond fields in the years after 2000.
In addition, PVEP and BP Contractor discovered the Lan Tay and Lan Do gas fields, and together with KNOC Contractor discovered the Rong Doi and Rong Doi Tay fields (put into operation after 2000), contributing to ensuring fuel sources for electricity, fertilizer and chemical production.
In particular, with Vietsovpetro’s success in finding oil in fractured basement, oil has been exploited in fractured basement at Rang Dong and Hong Ngoc fields. The application of new techniques in exploration and appraisal of oil exploitation in fractured granite basement has made PVEP a company with experience in exploiting oil in basement…
In 2007, PVEP Corporation was established on the basis of reorganizing and merging the two old companies PIDC and PVEP. Since then, despite many difficulties and challenges, with the motto and goal of accelerating development through breakthrough measures and internal innovation, PVEP has proposed reasonable investment portfolio restructuring plans, restructuring the apparatus to motivate and encourage creative labor, and improve business efficiency. PVEP's financial situation has gradually improved, with financial indicators basically moving in a positive direction over the years. Along with that, there are dozens of new oil and gas discoveries, putting dozens of mines into exploitation. Hundreds of initiatives, inventions, and science and technology awards have been recognized by the Corporation and Group levels with a value of hundreds of millions of USD.
The numbers speak for themselves.
With tireless efforts, after 35 years, PVEP has achieved proud results.
That is, the total exploited output is 93 million tons of oil equivalent; of which oil output is 66 million tons, gas output for sale is 27 billion m3. Total revenue is 673 trillion VND; State budget contribution is 232 trillion VND; after-tax profit is 161 trillion VND. In particular, the remaining recoverable reserves and potential recoverable reserves are 176 million tons of oil equivalent.
PVEP's important contributions over the past 35 years with the Oil and Gas industry have helped the Vietnamese economy overcome difficulties, develop, and affirm its role as a key unit of the Oil and Gas industry. With its achievements, PVEP has been awarded the title of Labor Hero and many other noble awards.
Entering a new chapter after 35 years of construction and development, PVEP has proposed solutions with the priority of managing fluctuations, promoting investment according to the long-term goals and strategies of each project. PVEP General Director Tran Hong Nam shared: “PVEP’s first mission is to ensure national energy security, ensuring that people have access to energy sources at reasonable costs. Therefore, PVEP’s goal in the coming period is to maintain oil and gas production to meet the development of the economy.”
Along with the responsibility of ensuring national energy security, PVEP also identifies its responsibility for environmental issues and climate change. Currently, PVEP is implementing a series of solutions to respond to environmental and climate issues. In oil and gas exploitation activities, gas emissions will be emitted and emission reduction is PVEP's top goal. In addition, PVEP's product structure will also gradually shift from oil to gas and towards deeper processing, making better use of crude oil and natural gas products in accordance with the spirit of promoting the Group's value chain...
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