On December 9th in Hanoi, Chairman of the Board of Vietnam Oil and Gas Group (Petrovietnam/PVN) Hoang Quoc Vuong paid a visit to work with PetroVietnam Exploration and Production Corporation (PVEP).

Attending the meeting were PVN Members of the Board Phan Ngoc Trung, Nguyen Hung Dung, Dinh Van Son and leaders of the functional Divisions/Departments.

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

PVN Chairman Hoang Quoc Vuong and leaders of the Group, PVEP at the meeting

At the meeting, PVEP leaders reported general contents from the organization model, the development process, and the operation situation of the current oil and gas projects, at the same time, report on business results in 11 months and plan for the period of 2021 - 2025, development strategy of PVEP to 2045.

Currently, PVEP is implementing 35 projects (06 overseas in 5 countries) and 03 leased / non-profit operating projects. Total assets as of November 2020 are 97,000 billion VND. Oil recovered reserves in the balance: 95 million tons of oil, in which 30.8 million tons of oil, 64.2 billion m3 of gas. Average daily production output in 2020 of PVEP will reach 60,000 barrels and 120 million cubic feet of gas. The total number of current employees of the Corporation is 1,137 people, of which 754 are in the executive apparatus; domestic projects 340 people and 43 in foreign projects.

Overview of the meeting

Also at the event, PVEP made recommendations and proposals to the leaders of the Group in order to resolve difficulties and problems to ensure the operation in the coming period. In which, PVEP proposed to supplement mechanism for investment risk in the revised Petroleum Law and in the Financial Regulations of the Corporation; Suppling a legal framework on mechanisms and different forms of contracts, conditions for investment incentives or tax incentives for small-scale projects to attract investors while ensuring revenue for the State, as well as some other suggestions. Through the meeting, PVEP leaders expected to receive concern, support and conditions of the leaders of the Group so that PVEP can overcome the current difficulties, continue to stabilize to develop in the next period.

After receiving opinions and proposals from the Group and PVEP, Chairman of Petrovietnam Hoang Quoc Vuong asked to summarie them all for considering to remove problems of PVEP in all aspects of operations.

Chairman of Petrovietnam Hoang Quoc Vuong concludes the meeting

Appreciating the business scale and resources of PVEP, Petrovietnam Chairman Hoang Quoc Vuong emphasized that in the new stage of development, the Group determined that oil & gas exploration and production will still be the core of the Group, in which, PVEP plays an important role of Petrovietnam. Therefore, PVEP needs to maintain its bravery and aspirations, and be ready to catch up with the world's energy transition trend.

Chairman Hoang Quoc Vuong also agreed with the proposals and recommendations of PVEP and pledged to immediately resolve the tasks as well as support PVEP in solving other problems to ensuring the sustainable development of PVEP in particular and of Petrovietnam in general.