On February 14th in Hanoi, PetroVietnam Exploration Production Corporation (PVEP) organized a seminar on the development strategy to 2035.

Attending the seminar, for Vietnam Oil & Gas Group (PVN) there were Dr. Phan Ngoc Trung, Member of the Board of Directors, Heads of functional divisions/ departments, experts and advisers.

On the side of PVEP, there were Chairman Tran Hong Nam, President & CEO Tran Quoc Viet, Leaders from the Board of Directors, Executive Boards, Heads of Divisions, Subsidiaries, Projects, JOCs.

Strategy plays a very important role in the development of the business, so completing the development strategy of PVEP oriented to 2035 is an urgent task that needs to be completed, as well as serving the development objectives in the next period. Through this seminar, PVEP leaders would like to receive profound, objective comments and suggestions for the strategic report for development of PVEP in the new period.

At the workshop, the delegates listened to many reports of "An overview of the 2016-2020 implementation, the 5-year plan of 2021-2025"; "PVEP development strategy oriented to 2035"; "Strategic exploration to 2035"; "Production development strategy" and "PVEP financial strategy".

In the period of 2016-2020, PVEP has basically performed well the important targets according to the plan. Along with that, well implemented and achieved initial results in the restructuring of the operating system in a short time and methodically.

PVEP has thoroughly grasped and strongly implemented optimal solutions / cut investment, Opex and administrative expenses, renegotiated to reduce service price ... especially to ensure the financial liquidity of the Corporation. Financial management has been strongly and basically improved, all financial indicators have been positive over the years.

After that, participants discussed and clarified the issues in the reports. In particular, focusing on the specific strategy of each development sector of PVEP in the coming time, forecasting the situation, the context of each year's mission, assessing the energy needs domestically and abroad, since then have timely solutions to bring the highest benefits for PVN / PVEP.

Dr. Phan Ngoc Trung, Member of the Board of PVN speaks at the Seminar

In the new phase, PVEP will focus on spreading in 4 main areas: Search, Exploration, Field Development and E&P Services Development. Strategic orientations will be focused on each field, along with specific solutions, promoting strengths and minimizing weaknesses for PVEP to develop sustainably and ensure economic effect, contributing to ensuring energy security of the country. Along with that, PVEP is ready to take up the challenges and opportunities to perform the tasks set out, ensure sustainable and effective growth as well as enhance the brand reputation in the regional and international areas

CEO Tran Quoc Viet concludes the Seminar

Speaking at the seminar, Dr. Phan Ngoc Trung assessed that the organizing of this Seminar at this time is necessary and needs to be quickly implemented to promptly put into preparation documents for PVEP Party Committee Meeting. He also suggested that PVEP should focus on reviewing and early completing the strategy to submit to PVN for approval. PVEP also needs to prepare technical and financial plans to carry out its tasks in the new stage effectively, contributing to the overall development of the Group.