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Due to the oil prices continuous drop recently, PetroVietnam Exploration and Production Corporation (PVEP) has actively reviewed and adjusted the exploiting projects for according with the actual situation.

The Gazprom Neft Corporation of Russia has officially sent a letter with a proposal to stop the negotiation process on transferring a 49% stake of Dung Quat Oil Refinery Plant (ORP).

In the coming period, besides promoting search, exploration and exploitation of petroleum in deep-water, offshore areas in association with the national sovereignty protection at the sea in accordance with the development orientation of Vietnam’s Petroleum Industry to 2030, with a vision to 2045 approved by the Prime Minister, Vietnam Oil and Gas Group (PVN) will actively study to search for and explore non-traditional hydrocarbons (hydrate, coal gas, shallow gas, shale gas ...) to increase petroleum reserves for the country.

According information of Vietnam News Agency, on April 27, at the headquarter of Lao Ministry of Planning and Investment (MPI), Representative of the Government of Lao People’s Democratic Republic (PDR) and Mr. Pham Ngoc Long - Director of the Long Van Limited Company of Vietnam signed a contract for the search, exploration and exploitation of coal in Sam Nuea district, Houaphanh province.

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).

The 46th session of vietsovpetro joint venture council has recently finished successully witha target to fulfill crude oil exploitation plan of no less than 5,040 million tons in 2016.

At present, the Ministry of Industry and Trade is directing to establish Energy Development Planning (EDP) in Vietnam for period 2021 – 2030 with a vision up to 2045.

According information from Vietnam oil and gas Group (PVN) "The Government has assigned PVN to exploit additionally one million tons of oil in 2016. While PVN annual average oil exploiting production is about 16 million tons, the one oil million ton increase is relatively difficult. However, if PVN completes this task, the state budget will increase about US$ 350 millions".

Bien Dong (East Sea) Petroleum Operation Company (POC) will strive to exploit 2 billion m3 of gas and 402 thousand tons of condensate in 2017. It was the information from the conference of POC for reviewing production and business activities in 2016, and deploying production and business plans in 2017.