PVEP: Leading position in oil, gas exploration and exploitation

(VEN) – In the development of the Vietnamese oil and gas industry, the PetroVietnam Exploration Production Corporation (PVEP) is a key unit of the Vietnam Oil and Gas Group (PetroVietnam) in oil and gas exploration and exploitation. On November 27, 1961, the Oil Exploration Expedition (Expedition 36) was established, marking a historic milestone for a period of organized oil and gas exploration and exploitation in the Democratic Republic of Vietnam (Later, the prime minister approved the 27th of November to be the traditional day of the Vietnamese oil and gas industry). Oil and gas exploration and exploitation has officially started. To promote oil and gas exploration and exploitation, the Vietnam Oil and Gas General Department was established on September 3, 1975. At the beginning of 1977, the state approved the form and object of cooperation to carry out negotiations on a number of oil and gas lots with foreign partners who wish to invest in Vietnam. In order to comply with international law and regulations that avoid the signing of contracts between state management agencies and foreign companies, the government issued Decision 251/CP on the establishment of the Vietnam Oil and Gas Company (PetroVietnam) under the Vietnam Oil and Gas General Department on September 9, 1977. By the end of the 1970s, oil and gas exploration and exploitation made significant advance as the Vietnam Oil and Gas Company signed some production-sharing contracts with Deminex (block 15), Agip (blocks 04, 12) and Bow Valley (blocks 28, 29), creating important premise for… [Read full story]