On 8th October in Ba Ria - Vung Tau province, PVEP held a Seminar on the E&P strategy for period of 2021-2030 and orientation to 2045.

Attending the Seminar were Dr. Phan Ngoc Trung - Member of the Board of PetroVietnam (PVN), Dr. Nguyen Quoc Thap - former Vice President of PVN, and representatives from PVN’s Divisions. For PVEP there were Chairman of the Board Tran Hong Nam, President & CEO Tran Quoc Viet, other leaders of the Company, functional Divisions, representatives of projects and member units. Especially, the Seminar was concerned and attended by many petroleum experts and scientists.

PVEP Vice President Dang Ngoc Quy chairs the Seminar

Representatives of PVEP present report on E&P strategy

At the seminar, there were reports on the results of E&P in the period 2011-2019; strategy for 2021-2030 and orientation to 2045; Report on Oil & Gas potential and exploration orientation for Block 05-2/10, Nam Con Son basin.

In the period 2011-2019, the total reserve increase of PVEP reached 92% of the whole plan. Some new discoveries have been prepared to be put into production such as Ca Voi Xanh (Blocks 117-119) and Ca Tam (Block 09-3/12), KNT and KTN (Block 09-2/09) ... Reserve Replacement Ratio (RRR) for the whole period 2011-2019 was only 0.68.

Regarding the strategy for period of 2021-2030, to ensure sustainable development, PVEP set a target for reserve increasing of 38.4 to 99.0 million tons equivalent. With the RRR expected to be about 0.71 - 1.82. In the vision to 2045, PVEP aims to invest in 05-10 new potential domestic and international projects.

According to PVEP, the above target faces a lot of challenges in the context of limited oil and gas potential and operating area, and deep fall in oil prices due to the effects of the Covid-19 pandemic. To achieve it, PVEP will deploy on the principle of careful step-by-step, towards the early reserve increasing and production. In particular, there should be the continued guidance and support from all authorities in creating favor conditions for PVEP in areas, projects with good potentials and mechanisms for risky investment as well as timely approval.

Former Deputy General Director of Vietsovpetro Tran Van Hoi shares opinions about E&P  strategy

PVN Member of the Board Phan Ngoc Trung speaks at the Seminar

Former PVN Vice President Nguyen Quoc Thap comments at the event

At the Seminar, delegates discussed, exchanged and contributed opinions on the implementation of E&P Strategy for PVEP, also offering solutions to effectively implement the identified strategy.

Speaking at the Seminar, Dr. Phan Ngoc Trung, PVN Member of the Board emphasized that PVEP need to specifically plan an investment strategy for E&P, clearly defining the goal to effective deployment and assurance. Dr. Nguyen Quoc Thap, former Vice President of PVN asked PVEP to pay attention to the conditions for the strategy implementation and lessons learned related to cooperation with domestic and foreign partners.

PVEP CEO Tran Quoc Viet

PVEP Chairman Tran Hong Nam

On behalf of PVEP, Chairman Tran Hong Nam acknowledged and thanked for the opinions, exchanges and contributions of leaders of the Group, experts and speakers at the Seminar. Dr. Nam requested the E&P teams to fully receive all opinions to complete the report on E&P strategy for the period of 2021-2030.

Chairman Tran Hong Nam said that through the Seminar, PVEP wished to express two important messages: First, through detailed presentation of the E&P strategic plan of TKTD of PVEP, leaders and employees of all units understand clearly and share about future orientation plan for PVEP, from which will have more ideas to contribute to increase the reserve of PVEP; Second, PVEP hopes to continue to receive more support from Vietnam Oil & Gas Group in E&P strategy in the future.

For PVEP, Dr. Tran Hong Nam affirmed to work closely with PetroVietnam and actively seeking effective solutions in the difficult context of this period.