On 19^th December, PVEP held a Conference to sum-up year 2019, propose plan for 2020, and Labor Conference.

On behalf of Vietnam Oil & Gas Group (PetroVietnam), there were Mr. Tran Sy Thanh – Member of Central Communist Party, Chairman of the Board, Dr. Le Manh Hung – President & CEO, and other leaders from the Board of Directors, Executive Board and functional Divisions.

For PVEP, there were Dr. Tran Hong Nam – Chairman of the Board, Dr. Tran Quoc Viet – President & CEO, all other leaders and employees from PVEP, JOCs, Subsidiaries.

Overview of the Conference

Overcoming difficulties and challenges in 2019, PVEP, operators and partners have stably operated production with safe and continuously in   most large-scale projects, including wells of Su Tu, Dai Hung, Chim Sao - Coconut, Ca Ngu Vang, Blocks 46CN and Bir Seba. PVEP has exceeded the plan of oil and gas production target and finished 12 days earlier, being the 10th year in a row of early finishing. The total production output in 2019 is 4.45 million tons of oil equivalent, reaching 103% of the year plan, increasing the reserves of PVEP to 1.82 million tons of oil equivalent.

With that outstanding result, PVEP has also exceeded the financial targets in 2019 assigned by PVN. Estimated total revenue of 35.91 trillion VND (107% of the plan), profit before tax is estimated at 12.3 trillion VND (170% of the plan); estimated pre-distributed profit after tax is estimated at 6.35 trillion VND (154% of the plan); contributed to the State budget 10.53 trillion VND (113% of the plan).

In 2019, PVEP has reviewed and reorganized the management system effectively, reduced from 15 divisions to 11; consolidating personnel at the division/department level; promulgating regulations on organization and operation; actively rearranging the organization and staffing to optimize operational efficiency.

PVEP has properly and fully implemented policies, salaries and bonuses for employees. The regimes and policies of employees at PVEP are complied with the relevant current regulations of PVEP and PVN.

Scientific and technological activities continued to promote with many initiatives, inventions, scientific researches and practical applications to reduce Capex / Opex costs. During the year, the PVEP's Initiative Council has approved 3 initiatives / solutions (2 CLJOC, 1 PVEP POC) with an estimated benefit amount of 2.31 million dollars.

Speaking at the Conference, Mr. Tran Sy Thanh appreciated and acknowledged the outstanding results of PVEP's leaders and employees for the contribution to the Group's overall success.

Mr. Tran Sy Thanh appreciates the outstanding achievements of PVEP in 2019

Mr. Tran Sy Thanh emphasized that in the context of the oil and gas market with many difficulties, challenges, directly affecting the activities of the Group, PVEP needs to focus and drastically implement the solutions to remove difficulties, have initiatives to reduce costs, improve the operational efficiency of the projects being implemented. Mr. Tran Sy Thanh also noted that besides business activities, PVEP also needs to focus on restructuring, renovating businesses, improving competitiveness and reputation of the business. In parallel, PVEP also needs to focus on promoting the reproduction of PetroVietnam culture, consolidating and developing business brands.

With the achievements acquired in 2019, Mr. Tran Sy Thanh believes that PVEP will get more and more in 2020, contributing to the stable development of PVEP and the Group. 

Chairman Tran Hong Nam speaks at the Conference

Speaking at the Conference, Chairman Tran Hong Nam pledged that all PVEP leaders and employees will continue to uphold the spirit of solidarity and determination to complete the assigned tasks, along with the mission of sustainable development.

At the Conference, with outstanding achievements in 2019, PVEP's individuals and groups were awarded the Emulation Flag and Certificate of Merit from the State Capital Management Committee, Emulation Flag of Vietnam Oil and Gas Group; titles from the Ministry of Industry and Trade.

PVN Chairman Tran Sy Thanh awards the outstanding groups

PVN President & CEO Le Manh Hung awards individuals and groups of PVEP

PVEP Chairman Tran Hong Nam and CEO Tran Quoc Viet give Certificates to employees

Conclusion the Conference, PVEP CEO Tran Quoc Viet launched an Emulation Movement in 2020 with the determination to overcome difficulties and challenges, successfully implement all assigned tasks.

CEO Tran Quoc Viet speaks at the Conference

On this occasion, Dr. Tran Quoc Viet called on all leaders and employees of PVEP to promote the spirit of high determination, and the proud tradition of the Labor Hero unit, turning challenges into motivation for promoting a new development process, soon successfully completing all the political tasks assigned in 2020 and continuing to develop sustainably and prosperously.