There are multiple sedimentary basins in Vietnam with known or potential hydrocarbons located onshore, offshore, respectively named Song Hong, Hoang Sa, Phu Khanh, Cuu Long, Nam Con Son, Tu Chinh Vung May, Truong Sa, Malay Tho Chu, with aggregate proved reserves 4.4 billion boe.
PVEP now participates in 43 petroleum projects, of which 22 are in development and the remaining 21 in exploration phase. PVEP has largest oil and gas proved and probable reserves among local companies, approximately half of the country’s, with domestic reserves currently stands at 1,700 Mmboe.
With their managerial competence being steadily enhanced day after day, PVEP and its affiliates have been successfully acquiring operated interests in 14 projects (11 exploration, 3 development), jointly operating 9 projects (2 exploration, 7 development), of which Block 15.1 operated by Cuu Long JOC contributes the biggest production at the moment, and owning non-operated interests in 19 other projects (8 exploration, 11 development).
In the period of 2008-2015, PVEP has aggregated a reserve increase of 656 Mmboe, production of 293,000 boepd domestically. The company is targeting to achieve a 350 Mmboe reserve increase and 292,000 boepd of production in period 2016 - 2025.