On the morning of October 9th, 2017 in Ho Chi Minh City, Vietnam Oil & Gas Group (PetroVietnam) signed an outsourcing contract for operation of Blocks 01 & 02 with PetroVietnam Exploration Production Corporation (PVEP).
Present at the ceremony, from PVN were Mr. Nguyen Vu Truong Son, member in-charge of the Board of Directors, CEO of PVN; Mr. Nguyen Quynh Lam - PVN Vice CEO, and Leaders of various departments of PVN. 
From PVEP, Mr. Nguyen Van Que – Chairman of the Board of Directors and Dr. Ngo Huu Hai – CEO of PVEP; and members of PVEP's Board of Directors, Executive Board; leaders of PVEP's Joint Operating Companies and PVEP HCM branch. 

Mr. Nguyen Quynh Lam - Vice CEO of PVN and Dr. Ngo Huu Hai - CEO of PVEP signing the contract 

The Production Sharing Contract (PSC) for Blocks 01 & 02 was signed on 09/09/1991 between Petronas Carigali Vietnam Limited (PCVL) and PVEP. This is among the first generation of Petrovietnam's contracts and the first to conclude upon maturity on 09/09/2017 following 26 years of operation. PVN then had signed a Handover agreement of assets and operations of Blocks 01 & 02 to PVEP and following a month of finalization of procedures, the Signing Ceremony for the Outsourcing contract for operations of Blocks 01 & 02 between PVN and PVEP was officially held at PVEP's Hochiminh City branch. 
Acutely aware of it responsibilities, right from the beginning of the handover process, PVEP immediately established a Blocks 01&02 Steering Board to ensure absolute safe, continuous and most productive operation of the project while legal paper works were finalized. With high determination and great effort, after a month of handover, PVEP has proven sound management and production of Blocks 01&02, total production reaching roughly 360 thousand barrels of oil, total revenue roughly 20.52 million USD (at 57.5 USD/barrel). These are very positive and impressive figures for a project in transition. 
Speaking at the ceremony, CEO of PVEP Ngo Huu Hai expressed appreciation to PVN for entrusting and selecting PVEP as the operator for Blocks 01 & 02. He pledged PVEP's active and innovative actions to maintain production capacity, improve oil recovery rates, as well as the operations of wells in Blocks 01&02, ensure absolute safe operations to bring about the best efficiency for the Government and PVN.

The confidence that PVN has in signing this Contract with PVEP is a validation of PVEP's capacity and experience in operation of petroleum projects. As operator, the performance of PVEP's technical staff and management is an indicator of PVEP's capacity, and also that of Vietnam's petroleum sector, a manifestation of its gradual proximity to the regional standards. This is an honor, and a responsibility for PVEP, showcasing its readiness and willing to take up the mantle, share in any tasks that PVN requires. The contract is also a gesture of support for PVEP from PVN in the current period of hardship.