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On 3rd August 2021, at the headquarters of Vietnam National Oil and Gas Group (PetroVietnam), Chairman of the Board of Directors Hoang Quoc Vuong had a meeting and worked with Mr. Leonid Mikhelson, Chairman of Novatek Group (Russia).

On November 5, 2020, Vietnam National Oil and Gas Group (PVN), Song Hau 1 Petroleum Power Project Management Board (Investor), and the General Contractor - Vietnam Machinery Erection Corporation (Lilama) successfully set on the first fire boiler of unit 2 of Song Hau 1 thermal power project (TPP). This event marks a milestone in success with a planned progress of the project.

Vietnam Oil and Gas Group (PVN) informed that on August 31, 2020, in Hanoi, PVN held a signing ceremony for gas purchase agreement (GPA) from Su Tu Trang (White Lion) field, Lot 15-1 (phase 2A).

Information from the Vietnam Oil and Gas Group (PVN) said: With the drastic implementation of "The package of solutions to cope with the double impact of the Covid-19 pandemic and deeply falling oil prices", in recent 6 months, PVN all activities were ensured safely and for the first time since 2016 the 'reserve offset' factor (between increasing reserves and production) reached 1.19 times - safety level for sustainable development.

In response to the 'double impact' caused by the Covid-19 epidemic and the sharp decline in oil prices, the Vietnam Oil and Gas Group (PVN) has proactively made the plans to adjust the Program of the action and budget of oil and gas projects in 2020 corresponding with the oil price scenarios to timely cope with complicated market development.

At the Party Congress of the Vietnam Oil and Gas Group (PVN) in 2020-2025 term, on June 9,2020, in Hanoi, Mr. Le Manh Hung - PVN General Director proposed a target to decrease average cost of the crude oil exploitation for being able to stand steady (even if the crude oil price falling to 30 USD / barrel).

In the near future, Vietnam Oil and Gas Group (PVN) has a plan to invite 1,600 international high-tech oil and gas experts to Vietnam to carry out the key projects deploying in situation of Covid-19 pandemic.

According to Vietnam Oil and Gas Group (PVN), it is not feasible to buy oil with “bottom price” because we do not yet have mechanisms and policies on risks for this activity (buying oil at “bottom price” leads to losses). On the other hand, at present, in Vietnam there are no national oil reserve depots, while the crude oil storages of Dung Quat and Nghi Son refinery plants can only meet production needs of these plants. It is also not feasible to rent an oil tanker (at least at this time), because of difficulty of our financial potential.

The Vietnam Oil and Gas Group (PVN) informed that its financial targets in the first quarter of 2020 could not reach as planned because of “double impact” from Covid-19 pandemic and low oil prices.

Information from the Vietnam Oil and Gas Group (PVN) shows: In the coming time, PVN will continue carrying overseas oil and gas searching, exploring and exploiting activities by the careful steps, suitable with the financial and management capacities of the Group, on the principle of "efficiency" and "good management for the risks" ...