PetroVietnam Exploration Production Corporation (PVEP) is the upstream arm of Vietnam Oil & Gas Group (PetroVietnam), conducting the core business of exploration and production. Over decades of building and development, PVEP has grown tremendously and contributed remarkably to the national economy. We are one of the biggest companies in Vietnam and ranks among the top oil companies in the region.
PVEP’s origins were closely tied with the history of PetroVietnam and formally began in 1988, from the establishment of PetroVietnam I and II. Over the years the company’s name and structure has been changed several times and its current organization was founded on 4thMay 2007 as a merger between PetroVietnam Exploration Production Company (PVEP) and PetroVietnam Investment and Development Company (PIDC). The setting up of PVEP has helped to unify PetroVietnam’s resources in upstream sector, petroleum exploration and production, throughout Vietnam and overseas.
Having a later start behind other international oil companies, PVEP has made huge efforts in accelerating its development, integrating strongly into the world market and enhancing managerial and operational competence. We have also carried out breakthrough measures in terms of organizational structures, multi-tier training system and human resource development. The consistent aim is to become an accomplished and renowned international oil company using state-of-art technology, encouraging inventiveness, gaining higher financial strength and competitiveness.
Inheriting the legacy of its precursors, PVEP has taken vigorous strides and obtained outstanding achievements. The Corporation has successfully transformed its organization management, adapting to the independent accounting model. By the end of 2015, PVEP had a total asset of roughly 7.1 billion US dollars, sustaining gross proven reserve of 2.2 billion barrels of oil. We have a gross daily production of nearly 300,000 barrels of oil and 12 million cubic meter of gas per day. The Corporation’s total asset has grown five times since the establishment with average annual revenue of approximately 3 billion US dollars. PVEP’s well-educated labor force has been progressed with knowledge and skills in occupational science and technology, thus now being able to assume sophisticated work, previously held by foreign nationals. One important factor as well, is that all of the Corporation’s endeavors conform to strict health, safety and environmental regulations. The welfare of our staff and the community, a healthy environmental management are always of the utmost priorities of PVEP.