As the lead unit in exploration and production (E&P), PVEP has set a vision to become an international oil and gas company by 2030 and a pioneering foundation in Petrovietnam's value chain.

Strong 2025 Performance

In 2025, PVEP achieved substantial results, improved growth quality, and strengthened governance capacity, laying the foundation for a new development cycle for 2026-2030.

Total oil and gas output reached 3.65 million tons of oil equivalent, exceeding plan. Reserve additions amounted to 10.5 million tons of oil equivalent, with a reserve replacement ratio of 2.85. Revenue reached nearly VND 37 trillion, with VND 14,406 billion contributed to the state budget. PVEP remains on the VNR500 list and was named among Vietnam's Top 10 Value-Creating Enterprises of 2025.

The corporation also signed three new petroleum contracts and received approval for extensions on several important projects, bringing the total number of new and extended contracts for the year to seven.

A delegation from the government and PVEP celebrates oil samples from the Su Tu Vang field (photo: Nhu Phong)

Toward an International Oil and Gas Company

PVEP Chairman of the Board of Directors Mr. Truong Quoc Lam stated that for 2026-2030, E&P remains a priority identified by the Party and State and is positioned by Petrovietnam as a key growth driver through 2035. PVEP aims to help Petrovietnam join the region's leading energy groups and enter the Fortune Global 500.

PVEP is adopting key strategic directions including innovation in Party leadership, strengthening institutional mechanisms, advancing science and technology, innovation and digital transformation, developing human resources, and building corporate culture.

Oil and gas production activities at the Dai Hung field

Beyond traditional E&P, PVEP plans to expand into new areas including CO2 capture and storage (CCS), coalbed methane, underground and seabed minerals, geothermal energy, an ecological industrial-energy center in Hung Yen province, and a high-performance geological data processing center.

By 2030, PVEP aims for international operations to contribute about 30% of total revenue, overseas production to reach 30% of total output, and revenue from new products, technology, and innovation to account for about 25%.

Digital transformation is a central focus, with the development of an E&P database and synchronized ERP implementation across the corporation. This foundation will enable PVEP to operate according to international oil company standards — with data transparency, real-time risk management, component-based cost control, and portfolio optimization.

PVEP proposes timely approval of its 2026-2030 business plan, charter capital increase, and expanded investment scope to enable its role as a foundational growth engine for Petrovietnam.