On March 10, Petrovietnam held the Oil & Gas Exploration and Production Conference to implement the oil and gas exploration and exploitation plan for 2023 and to develop mid-term strategies (2023-2025) to increase the reserve and exploitation output for the period of 2021-2025.

2023 Oil & Gas Exploration and Production Conference

Impacts from the local and global oil and gas market and the natural decline of oil and gas fields are some of the biggest obstacles that PVEP has to overcome to fulfill the production output target set out in 2023. According to forecasts, 2023 will continue to be a year of numerous difficulties and challenges due to the unpredictable global situation; negative growth forecast; economic recession, etc. The Government, the Ministry of Finance and the State Bank will continue to establish tightening monetary policy and control inflation. These factors will affect PVEP's operations in terms of capital mobilization for oil and gas projects, and exchange rate fluctuations.

Mr. Hoang Quoc Vuong – Chairman of Petrovietnam delivers opening speech

The production output of PVEP and joint operating companies is decreasing as a result of the unclear implementation plan of gas development projects to reach the milestone of the first gas flow (FG). At the same time, investment in developing new projects and finding new mines is still limited. Investment procedures as well as investment termination of projects are facing many obstacles. These difficulties have directly affected PVEP’s production and business activities.

Mr. Dang Hoang An – Deputy Minister of MOIT

PVEP President & CEO Tran Hong Nam speaks at the Conference

Discussion of Petrovietnam division and subsidiaries at the Conference

To overcome challenges, PVEP embarked on the implementation of the 2023 mission. PVEP and Operators have implemented solutions to help optimize production and uptime; solutions for drilling, and intervening wells to achieve the highest increase in reserves.

In terms of construction, PVEP implemented detailed planning of the progress of drilling, evaluation and production development, and at the same time accelerated the approval of procedures. PVEP will focus on optimizing mining development options (connecting fields, optimizing the design of mining equipment system), saving operating costs.

PVEP supports in operating activities of oil and gas projects and coordinates with the Operator to promote approval procedures for drilling. Specifically, PVEP will accelerate field  development in key projects including: Su Tu Trang Phase 2, Block 15-1, Dai Hung phase 3, Block 05-1(a), Kinh Ngu Trang field - Kinh Ngu Trang Nam Block 09-2/09, BRS Phase 2/MOM Mine Block 433a&416b (Algeria)…and at the same time research and calculate the development options for small and marginal mines to be put into effective and economic production.

With the above solutions and the determination and efforts of the leaders and employees, PVEP aims to maintain the achievement of completing the exploitation output over the years.