HÀ NỘI — Việt Nam’s state-owned oil and gas group PetroVietnam on Friday officially celebrated the first commercial oil flow from the Phase 3 project of the Đại Hùng oilfield, marking a significant step forward in domestic energy development.

PetroVietnam acquired the Đại Hùng oilfield in 2003 from international contractors who had deemed it economically unviable and written it off with a book value of just US$1. Since then, the group has transformed the project into a symbol of revival and sustainable growth, demonstrating the country’s capability to lead in the energy sector, Deputy Prime Minister Bùi Thanh Sơn said at the event.

When PetroVietnam Exploration Production Corporation (PVEP) took over the field in October 2003, it faced severe challenges due to low oil prices and technical difficulties, prompting serious considerations to shut down operations.

However, production resumed steadily from 2005, reaching an annual output of 2.6–2.8 million barrels. In 2024 alone, the project generated US$4 billion in revenue and contributed US$600 million in taxes.

The Phase 3 project, launched in 2022, has been executed entirely using domestic resources. It features a wellhead platform installed at a depth of over 110 metres. The first commercial oil flow was recorded on May 7—20 days ahead of schedule—at a rate of 6,000 barrels per day.

To date, Đại Hùng has produced nearly 75 million barrels of oil. The field’s total revenue is projected to reach VNĐ160 trillion (US$6.4 billion) by 2034, adding a further 76 million barrels to PetroVietnam’s cumulative output.

Deputy PM Sơn urged PetroVietnam to accelerate innovation, invest in research and development, and enhance technology adoption to further optimise operations and efficiency. — VNS