PetroVietnam Exploration Production Corporation (PVEP)- 30 years of the pioneer in exploration and exploitation of oil and gas

In the development of the oil and gas industry of Vietnam, Petrovietnam Exploration Production Corporation (PVEP) is a traditional unit that plays the key role of the Vietnam Oil and Gas Group in the field of exploration and exploitation of oil and gas

On November 27^th 1961, the Exploration of Oil team (Team 36) was formed as a historic milestone for a period of petroleum activity in Viet Nam

PVEP's worker on Dai Hung 01 drilling platform.

In the end of the 1970s, oil and gas exploration and production had made significant progress because Vietnam Petroleum and Gas Group had signed some contracts about oil and gas exploration and production in some lots of the continental shelf of Vietnam including: Petroleum Products Sharing Agreement (PSC) with Deminex Company (Germany) for Lot 15, PSC contract with Agip Company (Italia) PSC with Bow Valley Company (Canada) for Lot 28.29. These are first contracts, the important premise for international cooperation in oil exploration and exploitation of PVEP later.

With the purpose of development, Petrovietnam had decided to establish Petrovietnam II (PV-II) on May 20, 1988 and Petrovietnam I (PV-I) on November 17, 1988 on the main task of the management and supervision of foreign oil and gas companies to carry out oil and gas prospection, exploration and exploitation contracts signed with Vietnam. This event has opened the stage of international integration of PVEP and started to set up the management and operation of petroleum projects to carry out activities and projects on exploration and exploitation of oil and gas in inland area and then abroad.

To be in accordance with the operation, on March 20, 1993, PV-I was transferred to Product Contracts Supervision Company (PVSC) with the orientation to supervise the petroleum contract and the PV Company II converted to Petrovietnam Exploitation and Production Company (PVEP) with the orientation to participate in petroleum contracts. On February 14, 2000, PVSC was renamed Petrovietnam Development Investment Company (PIDC) and started to invest in foreign area. Right after its establishment, the predecessor units of PVEP have been active in promoting exploration and production activities both inland and abroad.

In 1994, PVEP joined the BHP Executive and other contractors successfully for the operation of Dai Hung oil -field. The operation of the Dai Hung oil-field in Nam Con Son basin has made an important contribution to attracting foreign investment in oil exploration and exploitation on most of Vietnam's sedimentary basins. Along with the success of Vietsovpetro found oil in the fractured basement, the application of new techniques in the exploration and exploitation of oil in the granite basement cracked PVEP to be a company with experience mining oil in the basement. At the same time, PVEP has expanded exploration and exploitation of oil and gas in the foundations of a series of oil-fields such as Su Tu Den, Su Tu Vang, Tuna Gold, and Diamon. Furthermore, PVEP and contractors have discovered Lan Tay, Lan Do gas fields and KNOCcontractors have discovered Rong Do and Rong Do Tay oil-fields. These discoveries have contributed significantly to the supply of fuel for electricity, protein and chemical production. Oil and gas exploration and production abroad have also gained important results such as oil exploration in SK305 Project (Malaysia); Exploration and Production Project of Block 433a & 416b in Algeria…

On May 4^th 2007, PVEP was established on the basis of merging Oil Exploration and Production Company gas and PIDC. This was a strategic movement of Petrovietnam to focus its resources on core business activities, enhancing its activeness and competitiveness so that PVEP has become an international oil and gas company operating in both inland and foreign areas.

In the period 2007-2017, PVEP's total mining output was 146.3 million tons of oil, of which the total PVEP output was 56.3 million tons of oil equivalent (39.62 million tons of oil and 16.63 billion m3 of gas), turnover is over 468 trillion dong; The state budget is more than 146 trillion dong. PVEP's total assets increased from over VND30 trillion in 2007 to more than VND134 trillion by the end of 2017…

After 30 years of hard work, PVEP has marked the impressive pages in its development history with bold and definitive steps, successfully completing its business mission, contributing to the security of the country, becoming the pioneer in economic and international integration. From the absence of oil and gas, PVEP has consistently grown steadily since its inception to the present, with increased productivity and large scale.

PVEP's staff and technical workers have become master of science and technology. Despite its fierce competition from domestic and foreign competitors, PVEP has made impressive changes in its structure as well as its position in the oil and gas exploration and production sector.

Hien Anh - Hai Anh