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In an award issued on 22 May 2015, an international Arbitral Tribunal constituted under the Arbitration Rules of the International Chamber of Commerce (ICC) and comprised of leading international arbitrators Gary Born (Chairman), David A. R. Williams QC and Yves Derains has unanimously agreed with PetroVietnam’s position in a major tax incentive dispute under a production sharing contract for a Vietnamese offshore oil concession.  All claims against PetroVietnam were rejected and the claimants were ordered to reimburse PetroVietnam’s costs of arbitration in full.

Vietnam Oil and Gas Group (PVN) informed that by the end of October 2019, most of the production targets in 2019 of the group was exceeded; 2019 plan on increasing oil and gas reserves has been completed; the activities on seeking, exploring and exploiting oil and gas were carried out accordingly to the plan; and in the first 10 months of 2019, PVN excellently finished the plan of turnover and profit for the whole year of 2019.

Revenue is estimated at over 8,000 billion VND and profit after tax for shareholders reached 1.100 billion VND, reduced 19% and 17% respectively over the same period, the PetroVietnam Drilling & Well Services Corporation (PV Drilling) said.