In the first quarter of 2026, PetroVietnam Exploration Production Corporation (PVEP), a member of the Vietnam National Industry – Energy Group (Petrovietnam), recorded total output of approximately 1.08 million tonnes of oil equivalent, reaching 107% of the quarterly plan and increasing by 136% compared to the same period in 2025.

Behind this impressive growth is the effective implementation of a comprehensive set of solutions, including early proactive management, optimized field operations, intensified well interventions, new wells in production, and the increasingly prominent role of science, technology, and digital transformation in core operations.

PVEP Ensures Very High Operational Stability in Q1 2026 Through Effective Solutions

PVEP’s Q1 performance clearly reflects its strengthened governance and operational capabilities across the entire system. Amid increasingly challenging conditions—such as natural production decline at mature fields, rising oilfield service and logistics costs, and supply chain disruptions—the company successfully maintained stable, continuous, and efficient production levels.

From the very beginning of the year, based on the targets assigned by Petrovietnam, PVEP’s Board of Directors and executive leadership issued management directives, allocated business plans, and assigned KPIs to each unit. The organization focused on three core pillars: reserves growth, production output, and revenue generation.

As a result, all subsidiaries, branches, and project teams were able to proactively implement tasks and achieve targets effectively from the early months of 2026.

Building on this governance foundation, PVEP deployed effective measures to maintain exceptionally high operational stability. In Q1 2026, the average system uptime reached 99.74%, exceeding the planned level of 99.48%.

In the upstream oil and gas sector, uptime is a critical indicator—not only of safety and system reliability but also of overall operational efficiency. High uptime means better asset utilization, minimized production losses, and increased opportunities to enhance output from existing fields.

At the same time, PVEP further strengthened its operational performance by enhancing technical coordination and maximizing the efficiency of existing facilities and equipment. The Corporation also took a proactive approach to optimizing shutdown schedules, as well as maintenance and repair activities across various projects. Notably, shortening gas compressor maintenance by approximately 209 hours helped generate an additional 36,300 barrels of oil equivalent.

Positive Management and Operational Performance Drive Q1 2026 Results Beyond Plan and Year-on-Year Growth over 2025

In addition, well intervention programs were executed effectively, serving as a fast and direct lever for production growth. In the first three months of the year alone, PVEP carried out 27 well intervention activities across key blocks, including 15 jobs brought forward by one to four months and an additional eight beyond the original plan. As a result, incremental output reached approximately 1,665 barrels per day, exceeding initial expectations. This underscores PVEP’s agility in adjusting its plans to capture short-term production opportunities.

Supported by these positive developments in governance and operations, PVEP’s overall performance in Q1 2026 exceeded quarterly targets and posted strong year-on-year growth. Total production reached 1.08 million tonnes of oil equivalent, including 0.77 million tonnes of oil and condensate—equivalent to 145% of the same period in 2025—and 304 million cubic meters of gas, representing 116% year-on-year.

If effective management laid the foundation, then technical solutions served as the key driver behind PVEP’s production surge.

During Q1, several newly commissioned wells delivered highly positive results, significantly exceeding initial expectations. For example, at Block 05-1(a), well DH-38P produced around 1,500 barrels per day, while well DH-32XP achieved 2,100–3,000 barrels per day, far surpassing planned output levels. At Block 16-1, well TGT-H5-32IPST delivered approximately 1,250 barrels per day, also exceeding planned output. Amid increasingly challenging upstream conditions and rising costs, a new well outperforming expectations not only delivers immediate production gains but also reinforces confidence across the organization in the effectiveness of geological preparation, drilling, and field development execution.

Proactive Adoption of Science, Technology and Digital Transformation Drives Remarkable Production Growth at PVEP

Another notable highlight is PVEP’s proactive adoption of science, technology, and digital transformation, which has made a tangible contribution to production growth. These efforts generated an additional approximately 290 thousand barrels of oil, equivalent to around VND 440 billion, through solutions such as reservoir model optimization, advanced seismic technologies, reduced production pressure, and improved equipment efficiency. At the same time, the initial application of AI and digital technologies in production analysis, automation, and data management has begun to deliver measurable value, with estimated benefits of about USD 740 thousand.

Overall, PVEP’s strong growth in Q1 2026 can be attributed to multiple factors, with the core being its proactive management capability, agile responsiveness, and effective execution. From optimizing operations and shortening maintenance cycles to intensifying well interventions, bringing new wells onstream, and accelerating technology adoption, PVEP has demonstrated a disciplined, decisive, and results-driven approach to production management.

These achievements not only create momentum for the coming quarters but also reaffirm PVEP’s capability and resilience as a core force of Petrovietnam in the exploration and production segment—long regarded as the backbone of the oil and gas value chain.

Source: Petrotimes