Throughout its 35 years of construction and development, under the guidance of the Vietnam Oil and Gas Group ( Petrovietnam ), the Exploration and Production Corporation (PVEP) has consistently adhered to its goals, mission, and vision to become a key and core unit of Petrovietnam in the field of oil and gas exploration and production.
Preserving rich traditions
In the overall development of Vietnam's oil and gas industry, PVEP has a long tradition and plays a key, core role within Petrovietnam in the field of oil and gas exploration and production. The formation and development of PVEP is closely linked to the history of Vietnam's oil and gas industry over the past half-century.
The establishment of PetroVietnam II (PV-II) and PetroVietnam I (PV-I) in 1988 marked the beginning of PVEP's international integration, simultaneously establishing a management and operation area for oil and gas projects to carry out exploration and production activities domestically and later expand investments abroad. Given the pivotal nature of this event, PetroVietnam has designated May 20th as the Traditional Day of the Vietnam Oil and Gas Exploration and Production Corporation.
In 1994, PVEP, along with the operator BHP and other contractors, successfully assessed and brought the Dai Hung field into production. This event marked PVEP's first glorious achievement and significantly contributed to attracting foreign investment in oil and gas exploration in most sedimentary basins in Vietnam.
Shortly thereafter, PVEP, along with many other contractors, successfully explored and developed numerous other fields, including the discovery of the Rang Dong field in Block 15-2, the exploitation of the Hong Ngoc field, and the expansion of exploration and exploitation of oil and gas in the basement at the Su Tu Den, Su Tu Vang, Ca Ngu Vang, and Diamond fields in the years following 2000.
In addition, PVEP, together with contractor BP, discovered the Lan Tay and Lan Do gas fields, and together with contractor KNOC, discovered the Rong Doi and Rong Doi Tay fields (put into production after 2000), contributing to ensuring fuel supply for electricity, fertilizer, and chemical production.
In particular, along with Vietsovpetro's success in finding oil in fractured basement rock, oil has been extracted from fractured basement rock at the Rang Dong and Hong Ngoc fields. The application of new techniques in oil exploration and appraisal in fractured granite basement rock has made PVEP a company with experience in oil extraction in basement rock...
In 2007, PVEP Corporation was established through the reorganization and merger of the former PIDC and PVEP companies. Since then, despite facing numerous difficulties and challenges, with the motto and goal of accelerating development through breakthrough and innovative measures from within, PVEP has implemented rational investment portfolio restructuring plans and restructured its organizational structure to motivate and encourage creative labor and improve business efficiency. PVEP's financial situation has gradually improved, with most financial indicators showing a positive trend over the years. Along with this, dozens of new oil and gas discoveries have been made, bringing dozens of fields into production. Hundreds of initiatives, inventions, and science and technology awards have been recognized at the Corporation and Group levels, generating hundreds of millions of USD in benefits.
The numbers speak for themselves.
Thanks to continuous efforts, after 35 years, PVEP has achieved impressive results.
That is, the total production was 93 million tons of oil equivalent; of which oil production was 66 million tons, and gas sales amounted to 27 billion cubic meters. Total revenue reached 673 trillion VND; contributions to the state budget reached 232 trillion VND; and after-tax profit reached 161 trillion VND. Notably, the remaining recoverable and potential recoverable reserves reached 176 million tons of oil equivalent.
PVEP's significant contributions to the oil and gas industry over the past 35 years have helped the Vietnamese economy overcome difficulties and develop, affirming its role as a leading unit in the oil and gas sector. With these achievements, PVEP has been awarded the title of Hero of Labor along with many other prestigious awards.
Entering a new chapter after 35 years of construction and development, PVEP has set forth solutions prioritizing volatility management and promoting investment according to long-term goals and strategies for each project. PVEP General Director Tran Hong Nam shared: “PVEP’s primary mission is to ensure national energy security, guaranteeing 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 needs of the developing economy.”
Alongside its responsibility to ensure national energy security, PVEP also recognizes its responsibility regarding environmental issues and climate change. Currently, PVEP is implementing a series of solutions to address environmental and climate problems. Oil and gas exploration and production activities generate gas emissions, and reducing these emissions is a top priority for PVEP. Furthermore, PVEP's product structure will gradually shift from oil to gas, and towards deeper processing, making better use of crude oil and natural gas products, in line with the Group's commitment to developing its value chain...
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