On the evening of May 16th, 2017 to Vietnam Soviet Friendship Cultural Palace, the 2016 Vietnam Fund for Supporting Technological Creations (VIFOTEC) Award Ceremony was held. PVEP's research titled “Optimal development of wells and structures / discoveries in the Cuu Long basin” was awarded 3rd place at the Ceremony.
Present at the award ceremony were comrade Phan Xuân Dũng - member of the Party Central Committee, Chairman of the National Assembly Committee on Science and Technology, leaders of the Vietnam Union of Science and Technology Association, leaders of Ministries, agencies at the Central level, researchers representing the 45 outstanding award-winning projects and the media. 

CEO Ngo Huu Hai and other award-winning researchers/authors of VIFOTECH 2016

The research project titled “Optimal development of wells and structures / discoveries in the Cuu Long basin” by the PVEP group of researchers headed by Dr. Ngo Huu Hai – CEO as Chief researcher is aimed at looking at the master planning of wells in the Cuu Long basin (offshore Vietnam), assessing the potentials of structures in the basin (currently the main source of petroleum production for Vietnam), and proposing exploration and assessment plans for these structures. The research can serve as the basis for development of a Masterplan of wells, well development schemes, assess economic viability of leads/prospects, put forth recommendations for the development of these prospects to optimize investment capital expenditure (CAPEX), operational expenditure (OPEX) to improve production efficiency of national oil and gas resources. 
The research applied a holistic approach to the problems, issues presented to well development and planning for the 2010 - 2030 period. The logical and comprehensive recommendations help to orient development of wells not only in the Cuu Long basin but also to whole of Vietnam's continental shelf. The research is an innovative application of PVEP's experience in developing oil and gas wells with small reserves in Vietnam and over the world. 
The recommendations are highly practical, applicable as a guideline for field work or textbook for general development of the petroleum sector as it covers a wide range of topics from exploration and survey, to reserve appraisal, equipment quality assessment, to amending contract clauses, investment appraisal, as well as projects' economic viability. This can help leaders, managers to have a comprehensive, detailed and more accurate view when encouraging investment in oil and gas wells in the Cuu Long basin, bringing about more benefits from national oil and gas resources. 
As a company operating in a specialized field that has high demand for ST, R&D, making innovations, technical improvements is always paid attention to and promoted in PVEP. R&D has seen clear changes in recent years under the close attention and guidance of PVEP Leadership, including Dr. Ngo Huu Hai - CEO of PVEP in promoting ST research, innovations and patents. He is also the current record-holder for the authoring the most innovations, technical solutions that's been recognized and practically applied in PVEP's operations. Also at the Ceremony, VIFOTEC Council of Sponsors presented Dr. Ngo Huu Hai a memorabilia for the Cause of Science and Technology Innovation of Vietnam 2017. 

CEO Ngo Huu Hai recognized for the Cause of Science and Technology Innovation of Vietnam 2017 by the VIFOTEC Council of Sponsors. 

This is the second time PVEP has received recognition from VIFOTEC. It is also the 2nd major award cũng Dr. Ngo Huu Hai and PVEP researchers have received in 2017, after the Hochiminh Award on ST. 
PVEP has a total of 64 innovations and technical solutions that has been recognized and put into practical use. They are the fruits of the labor of over 500 researchers/authors, benefiting the Corporation nearly 900 million USD, in many fields both within and outside of Vietnam. Successes in innovations and patents, technical solutions of which the VIFOTEC Award is a prime example, is the key to helping PVEP confidently move forward in a 2-year trough of low oil prices, laying the foundations for PVEP's sustainable future development.