Oil & Gas

Deputy Prime Minister Le Minh Khai signed Decision No. 1243/QD-TTg to approve the "Project to restructure Vietnam Oil and Gas Group (PVN) for the period until the end of 2025".

On the afternoon of October 26, 2023, the result of drilling exploration well by the oil and gas joint venture Innovation (SK) and the Petroleum Exploration and Exploration Corporation (PVEP) in the 16-2 Block of the Golden Hippopotamus (Ha Ma Vang) Structure has discovered oil and gas.

Within the framework of "Russian Energy Week", the Minister of Industry and Trade of Vietnam Nguyen Hong Dien had a working meeting with the Minister of Energy of the Russian Federation Nikolai Gregorievich Shulginov. At the meeting, the two sides reviewed the implementation situation of bilateral energy projects, as well as agreed on a number of major cooperation directions to be implemented in the near future.

Vietnam Oil and Gas Group (PVN) informed that In the first 9 months of the year, the Group has exploited the domestic and foreign oil output at a high level: Specifically, PVN achieved an oil exploitation output of 7.85 million tons, exceeding 14.1% of the 9-month plan, equal to 84.6% of the year plan.

Deputy Prime Minister Tran Hong Ha has just signed Decision No. 861/QD-TTg dated July 18, 2023, approving the national planning infrastructure for reserving and supplying petrol, oil and gas (in the period 2021 - 2030, with a vision up to 2050).

Vietsovpetro informed that at 7:00 am on July 15, 2023, Vietsovpetro opened well R-24, then at 9:06 am on the same day opened well R-66 and welcomed the first commercial oil flow from the RC-8 rig at Dragon (Rong) field.

The Chairman of Binh Thuan Provincial People's Committee (PPC) signed the Decision for agreeing the investment policy of the Son My LNG Terminal project and the investor of Son My LNG Terminal Co., Ltd. to implement this project.

From now to 2025, the Vietnam Oil and Gas Group (PVN) will expect to exploit 6 - 10 new oil and gas projects including RC-8 of Dragon field, BK-22 rig, and BK-4A rig of Bach Ho field and a number of structures in Block 09.1, White Whale (Kinh Ngu Trang) – Southern White Whale field, Lot 05.1a, Gold Camel -A rig and 2 gas projects as Swan – Gull (Thien Nga - Hai Au), Nam Du - U Minh fields. In the period of 2025 - 2030, PVN will strive to put large gas projects into operation such as Block B (quarter 4/2026), White Lion (Su Tu Trang) - Phase 2 B (September 2026), and Blue Whale (2028).

On July 01, 2023, the Government promulgated Decree 45/2023/ND-CP for the detailed regulations on a number of articles of the Petroleum Law, including regulations on safety in the design, manufacture, construction and operation of petroleum projects.

As part of the test plan of the Thi Vai LNG project chain, on June 27, 2023, Vietnam Gas Corporation - PV GAS successfully carried out the first gas flow into the Thi Vai - Phu My gas pipeline (at Hoi Bai Vale station, Phu My town, Ba Ria - Vung Tau province).

After highly agreeing to propose the Prime Minister agreed to transfer the investor of O Mon 3 and O Mon 4 gas-fired thermal power projects from the Electricity of Vietnam (EVN) to the Vietnam Oil and Gas Group (PVN). Deputy Prime Minister Tran Hong Ha proposed the two sides urgently transfer all the implementation results, as well as the obligations and responsibilities of the investor related to these two projects.

On May 22, 2023, Vietnam Gas Corporation (PV GAS) signed a Confirmation Notice with supplier Shell, whereby Shell will deliver the first LNG cargo to Vietnam.

PetroVietnam Exploration Production Corporation (PVEP) informed that recently, in Ha Long city, Quang Ninh province, took place the 2023 annual summit between SK Earthon (Korea) and PVEP.

The Vietnam Oil and Gas Group (PVN) informed that, In the first quarter of 2023, although the economic situation of Vietnam faced many difficulties, PVN continuously held fast to the stable production, business rate and maintained the production output at high level.

According to the forecast of analyzing the factors affecting production and business activities in 2023 of the Vietnam Petroleum Group (PVN) Branch - the East Sea Petroleum Operation Company (BIENDONG POC) the operation area in petroleum researching, exploring, and exploiting (E&P) in recent years were narrowed and not improved yet in 2023 due to the complex of the East Sea situation. The increase of the petroleum reserves in the immediate and long-term faces many difficulties.