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According to Hoang Ngoc Trung, deputy general director of PVEP, this move will contribute to offsetting the drop in oil and gas output at the corporation's existing fields. Although the selling price of oil is relatively low at $45 per barrel, impacting the corporation’s exploration and other investment activities, PVEP has still decided to pour $380 million in its core operations to ensure productivity in upcoming years.
Trung added that oil and gas exploration carries several risks, thus support of state authorities in dealing with difficulties, as well as investment and legal procedures, would help PVEP to accelerate investment and exploration at new fields located at deep sea areas and marginal oil fields.
PVEP is the upstream arm of Vietnam Oil and Gas Group (PetroVietnam) with the core business of exploration and production.
It is currently operating over 53 petroleum projects, 42 of which are domestic and 11 overseas. Notably, the corporation independently operates several important projects in Vietnam such as Dai Hung field, Block 05-1, Song Doc field, and Block 46-02 while jointly operating dozens of others.
Besides, it has acquired production from Cendor, West Desaru, D30, and Dana in Malaysia, Dorado and Pirana in Peru, and especially the first independently operating field Bir Seba, Blocks 433a and 416b in Algeria. In 2007 -2015, PVEP produced 333 million barrels of oil equivalent (Mmboe), increasing its reserves by 2,441 Mmboe, announced 43 oil and gas discoveries, and put 21 fields into production. Appreciably, all its operations have been completed safely with no health, safety, or environmental incidents.
PVEP is a trusted partner to many big international and national oil companies as well as service contractors such as Gazprom, Rosneft, Petronas, ConocoPhillips, ExxonMobil, BP, and