PVEP's General Director Trần Hồng Nam inspects operations at various projects. — Photo courtesy of PVEP

In 2023, amid global oil and gas market fluctuations, PetroVietnam Exploration Production Corporation (PVEP) focused on managing uncertainties, cost control, and leveraging innovation.

As a result, they exceeded key business production targets, notably maintaining operational safety for 15 consecutive years since its establishment.

During 2023, PVEP successfully surpassed production targets, including oil and gas extraction reaching 3.66 million tonnes of oil equivalent and 1.2 billion cubic metres, exceeding the assigned plan by 15 per cent. Exploration activities also yielded positive results with four drilling wells, including three new oil and gas discoveries. 2023 also marked the 14th consecutive year of PVEP meeting production targets, achieving the milestone of one billion barrels of oil since its establishment.

PVEP also prioritised the development of key projects such as Đại Hùng Phase 3, White Lion Phase 2B, Block B project series, Blue Whale, BRS Phase 2, and MOM field (Block 433a&416b). Financial activities of PVEP showed positive outcomes, with estimated revenue reaching VNĐ41.5 trillion (US$1.73 billion), surpassing 146 per cent of the plan and 122 per cent of the management target. They secured positions in the Top 10 most profitable enterprises and Top 10 largest taxpayers in Việt Nam in 2023.

President and CEO of Vietnam Oil and Gas Group Lê Mạnh Hùng emphasised that in 2024, PVEP should set higher goals to ensure growth and contribute actively to the Group and the national economy. To achieve this, Hùng proposed innovative management practices, technology application, and increased focus on productivity enhancement and output from existing fields. He also encouraged the development of new projects and swift execution of pending projects. — VNS