After nearly five years of operation on the basis of reorganising PetroVietnam Investment Development Company (PIDC) and PetroVietnam Exploration Production Company, the current PetroVietnam Exploration Production Corporation (PVEP) has become a leading member of the Vietnam National Oil and Gas Group (PetroVietnam) and has made strong progress on the road of integration.
Ensuring national energy security
Founded on May 4, 2007, after more than four years of operation, PVEP has now become a professional international oil and gas firm with a very strong competitiveness in the region and in the world. From 2006 to 2010, PVEP’s registered capital and total assets increased 400 percent and annualised investment capital reached US$1 - 1.5 billion. The corporation made a record of 27 oil and gas discoveries, including 18 inside the Vietnamese territory and nine in foreign countries, thus raising reserves to 272 million tonnes of oil equivalent. PVEP is now operating 13 oil fields mines, including 10 in Vietnam and three overseas, and is developing 15 fields in Vietnam and abroad. PVEP raked in revenues of VND133.8 trillion, paid VND42.2 trillion of tax to the State Budget (equal to 118 percent of the target), and the return on equity was 59 percent. The development of PVEP has enabled PetroVietnam to perform its function of ensuring the national energy security perfectly, joining the Government in regulating macro economy and protecting the sovereignty of Vietnam in East Sea (South China Sea).
In the first 10 months of 2011, PVEP increased reserves by 37.5 million tonnes of oil equivalent, produced 13.14 million tonnes of oil equivalent, including 6.42 million tonnes of crude oil and 6,712 million cubic metres of gas. The corporation earned total revenues of VND40,161 billion, paid VND14,250 billion to the State Budget in the first 10 months.
Moving forward on integration path
The success achieved is an important foundation for the corporation to release its Development Strategy and Plan from now till 2015 and orientation to 2025 and to become a professional international oil and gas firm. PVEP is drastically carrying out following solutions for the last months of the year: Focusing resources for development of projects but giving priority to key projects, especially Block 433a & 416b (Algeria) and Block Junin 2 (Venezuela).
As for production development projects in Vietnam, PVEP continues improving field management, operating process and maintenance; and enhancing cost examination, conditional technical review, and economic efficiency of projects. As for overseas projects, PVEP will focus developing newly discovered oil fields to start commercial production, optimising explorative operations, review costs, output, reserves and economic efficiency, anticipating risks in its investment projects, and defining orientations for specific projects. PVEP also intensively researches and selectively applies new advanced technologies to oil and gas exploration, boldly substitute foreign personnel with Vietnamese ones in order to optimise the efficiency of investment projects.
In the spirit of "Aggressive innovation , modern integration, accelerating development" and the action philosophy of "United - Innovative, enterprising, proactive and creative,” more than 2000 employees of PVEP are determined to overcome challenges to build PVEP into a leading oil and gas company with well-established position, brand name in the region and in the world, contribute to national energy security as well as protecting national sovereignty over the sea and islands.
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