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 33 petroleum projects, of which 16 are in production, 6 are in development and the remaining 11 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 1,600 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 200-2020, PVEP has aggregated a reserve increase of 1.7 billion barrels of oil equivalent, production of 338.10 Mmboe domestically. The company is targeting to achieve a 350 Mmboe reserve increase and 169.71 Mmboe of production in period 2021 - 2025.