On December 27, PetroVietnam Exploration Production Corporation (PVEP) held a Conference to summarize the work in 2021, implement tasks in 2022 and the Labor Conference in 2022.

Attending event, on the side of the Vietnam Oil and Gas Group (Petrovietnam) were Mr. Hoang Quoc Vuong – Chairman, Board of Directors; Mr. Pham Xuan Canh - Member of the Board; Vice Presidents Do Chi Thanh, Le Ngoc Son, representatives of divisions of the Group and PetroVietnam Trade Union.

For PVEP, there were Dr. Tran Quoc Viet - Chairman of the Board; Dr. Tran Hong Nam – President & CEO, leaders from Board of Directors, Executive Board, functional divisions, branches, member units, joint operating companies…

In 2021, PVEP has faced many difficulties such as the unstable oil prices and especially the serious impact of the Covid-19 epidemic.

Overview of the Conference

With the target at the beginning of 2021 is to ensure stable production and business activities, optimize cost reduction, lower product prices, actively adapt to all market fluctuations in addition to solutions and further improve the efficiency of governance, PVEP has implemented specific and detailed solutions through many plans/programs and tasks to each unit/project, each specialized department.

PVEP CEO Tran Hong Nam reports on 2021 production and business activities

Besides, with the close attention and direction from PetroVietnam, along with the collective efforts of all employees, PVEP has completed oil & gas target 15 days and financial target 135 days ahead schedule.

Specifically, the reserves increase in 2021 is expected to be 0.7 million tons (for PVEP) -  reaching 109% of the year plan, production output 3.49 million tons of oil equivalent - reaching 103%, oil & condensate output is 2.53 million tons, reaching 108%; Gas sales volume is 955 million m3.

PVEP Chairman Tran Quoc Viet speaks at the Conference

In 2021, PVEP had the first gas stream from Su Tu Trang field, Phase 2A, Block 15-1 on June 14, 2021 (well ST-7P) and continued to put well ST-8P into production with high condensate flow, which has contributed positively to PVEP's revenue and profit. In 2021, PVEP has performed 16 wells for development and production, some of those with production flow higher than expected and saved tens of millions of USD.

Along with the completion of production targets and positive oil prices, PVEP has exceeded its financial targets for 2021. In which, total revenue is estimated at 31,900 billion VND, reaching 160% of the year plan; Profit before tax is estimated at 12,400 billion VND; Profit after tax is estimated at 5,600 billion VND; State budget contribution is estimated at 11,800 billion VND. In addition, PVEP always focuses on solutions to improve the efficiency of corporate governance and portfolio management in recent years. The total cost of reducing in 2021 is VND 670 billion.

PetroVietnam Chairman Hoang Quoc Vuong awards the Certificate of Merit to individuals and awards the title of Typical Petroleum Entrepreneur

PVEP continues to promote and accelerate the implementation of initiatives/inventions, practical applications. Towards employees and social-community activities, the company is always interested in promoting the role of Trade Union, Youth Union and mass organizations. Policies, wages and benefits of employees are best implemented in the conditions of the Corporation.

Mr. Pham Xuan Canh presents PetroVietnam emulation flag to the units

Safety, health and environment were also well controlled by PVEP in the past year, there were no incidents/accidents at the Corporation's office as well as at projects. The situation of security and safety at sea is well maintained and guaranteed. In particular, PVEP has well controlled the Covid-19 epidemic in recent years, contributing to ensure stable and continuous production and business activities, and workers' health. As of December 2021, 100% of employees of the Corporation and units/projects have completed vaccination with the first dose and more than 97% have completed both vaccinations.

PVEP leaders award certificates of merit to collectives and individuals.

Besides, PVEP has implemented many support programs such as donating VND 15 billion to the Government's Covid-19 Vaccine Fund; supporting 30 ventilators and 05 ambulances for provinces/cities; support 100 high-function ventilators to Hanoi city to fight against the Covid-19 epidemic, with a total amount of more than 60 billion VND and many other meaningful and practical activities.

On behalf of PetroVietnam, Chairman Hoang Quoc Vuong acknowledged the efforts of PVEP's leaders and employees achieved in the past year and affirmed those achievements have made an important contribution to the Group's overall results in 2021.

PetroVietnam Chairman Hoang Quoc Vuong delivers a speech to direct the Conference

For 2022 with many difficulties and challenges, Mr. Hoang Quoc Vuong suggested that PVEP continue to focus on performing well the key tasks, of which the most important is ensuring safe and continuous production, having breakthrough solutions to put new projects into operation. Besides, the Company needs to improve management capacity, forecast, proactively build solutions to cope with scenarios of 2022, develop the human resources, along with policies and regimes to attract young and talented human resources. In addition, PVEP needs to focus on solving difficulties and backlogs, continue to prevent the Covid-19 epidemic, regularly pay attention to and take care of employee’s situations.

Chairman of Petrovietnam also noted that PVEP needs to continue to implement the project on Recreating Petrovietnam's culture with the action motto "Solidarity - Discipline - Creativity - Efficiency" throughout the Corporation, member units, branches, joint operating companies.

On the event of New Year 2022, Mr. Hoang Quoc Vuong sent his best wishes for health and success to all PVEP leaders and employees and believed that PVEP would continue to achieve many successes to affirm its position as a key member of the Group.

PVEP Chairman Tran Quoc Viet speaks at the Conference

On this occasion, PVEP Vice President Hoang Ngoc Trung launched an emulation movement throughout the Corporation in 2022 with the determination to overcome difficulties and challenges, successfully perform all assigned tasks, in which includes the planned targets of oil and gas production.