PVEP's perseverance and courage together with Petrovietnam create energy

PVEP's staff, engineers and workers confidently enter a new development phase, accompanying Petrovietnam in the mission of "building national energy".

In the development journey of the oil and gas industry, now the industry - energy, PVEP plays the role of a key unit of Petrovietnam in the core field of oil and gas exploration and exploitation. Established in the Doi Moi period, when the Party and the State identified oil and gas as a particularly important economic sector, PVEP was formed on the basis of merging the Oil and Gas Exploration and Production Company (PVEP) and the Petroleum Investment and Development Company (PIDC). This is a strategic step of Petrovietnam to concentrate resources, enhance initiative and competitiveness, and turn PVEP into an international oil and gas company, operating both domestically and internationally.

Over the years, PVEP and its partners have closely coordinated in managing, exploiting mines and implementing solutions to increase the output of potential wells and operate exploitation effectively. By the end of 2024, PVEP has completed the exploitation plan assigned by Petrovietnam for 15 consecutive years, making an important contribution to the overall success of the Group and the country's energy security. In particular, in 2023, PVEP reached the historic milestone of 1 billion barrels of oil equivalent, an achievement of great significance not only for the corporation but also for Petrovietnam in ensuring national energy security and affirming its position on the world energy map.

In addition, PVEP has actively promoted and expanded oil and gas exploration and exploitation activities, enhancing self-reliance in searching, evaluating and implementing investment opportunities and projects both domestically and abroad.

Not only has PVEP successfully completed its production tasks, it has also always met its financial targets, despite the sharp decline in oil prices at times. PVEP's total annual revenue has always remained high, reaching the target early and exceeding the set plan, affirming the efficiency and stability in production and business activities. In particular, in the most difficult period of 2020 - 2025 for Petrovietnam, PVEP achieved more than 188,000 billion VND in revenue, continuously being in the Top 10 most profitable enterprises in Vietnam.

At the same time, PVEP has also shifted its development direction towards an integrated model of the entire E&P value chain from exploration, prospecting, mine development to project clearance, helping to create breakthroughs in management, investment and cost optimization.

Golden Lion Central Technology Platform

In the journey of accompanying Petrovietnam, PVEP has always been the unit with the largest budget contribution of the Group. In the last 5 years alone, PVEP has paid 53.8 trillion VND to the budget, becoming an important source of revenue for national economic security. In the context of many difficulties in the oil and gas market, maintaining a large and stable contribution level further affirms the production and business efficiency and the ability to overcome difficulties of the key enterprise.

Not only affirming its leading role domestically with the Dai Hung Phase 3, Su Tu Trang Phase 2B, Kinh Ngu Trang - Kinh Ngu Trang Nam projects, PVEP has also proactively expanded international cooperation, becoming an "extended arm" of Petrovietnam in the international arena. The Corporation has a presence in many key regions such as Southeast Asia, the Middle East, Africa and Latin America. With support from the 2022 Petroleum Law and Decree 132/2024/ND-CP, PVEP continues to promote the search for investment opportunities abroad, implementing many exchange activities, working with prestigious agencies and partners in the region.

In Petrovietnam’s development strategy, international cooperation is always considered an important lever to expand development space, access modern technology, improve management quality as well as human resources and ensure long-term energy security. Promoting international cooperation not only helps increase the country’s oil and gas reserves but also affirms the Petrovietnam brand on the world energy map.

Along with domestic and foreign investment activities, PVEP also carries on its shoulders a sacred mission. Not only having economic significance, exploitation projects on the continental shelf also play a particularly important role in protecting the sovereignty of the sea and islands. The constant presence of drilling rigs, exploitation rigs and a team of PVEP officers, engineers and workers at the forefront of the storm not only affirms national sovereignty but also serves as a solid support for the fishing community.

Offshore oil and gas projects have often become safe havens when storms strike or when ships encounter unusual problems. Many fishermen have been promptly rescued by PVEP forces, supported with food, medical care and means of communication to the mainland. The image of PVEP workers wholeheartedly helping people at sea has become a vivid demonstration of the sense of responsibility towards the community and the people.

PVEP is also one of the pioneers in social security work. From supporting the people of the Central region to overcome storms and floods, supporting the COVID-19 prevention fund, building schools and medical stations to volunteer activities in remote areas, each year PVEP contributes over 100 billion VND to social security. These activities have left a humane mark, spreading cultural beauty, spreading the spirit of "One team, one goal", accompanying the community, joining hands with Petrovietnam to implement social security - one of the 5 words "An" that the group always values in the journey of building the country.

According to Petrovietnam's development strategy for the period 2025 - 2030, with a vision to 2050, PVEP has identified the focus as completing the annual production plan, ensuring stable contributions to the entire industry. The Corporation will step up exploration, exploration, and increase new reserves in key areas; at the same time, promote the progress of important investment projects, accelerate industrialization, digital transformation, and apply optimal exploitation solutions, affirming its position as the leading unit of Vietnam's industry - energy sector in the international arena.

During the nearly 40 years of formation and development, the collective of officers, engineers and workers of PVEP, with their courage, intelligence, solidarity and will to overcome difficulties, persistently maintain stable operations, making the corporation increasingly stronger, worthy of the title of Hero of Labor in the renovation period. From that foundation, PVEP confidently enters a new stage of development, continuing to accompany Petrovietnam in the mission of "building national energy".

Not only has PVEP successfully completed its production tasks, but it has also consistently met its financial targets, despite the sharp decline in oil prices at times. PVEP’s total annual revenue has always remained high, reaching its target early and exceeding its plan, affirming the efficiency and stability of its production and business activities.

Source: https://vtv.vn/pvep-ban-linh-ben-bi-cung-petrovietnam-kien-tao-nang-luong-100250929114902115.htm