Oil and gas exploitation activities at Bach Ho field
Lesson 1: 50-year journey - a story of courage, intelligence and aspiration
Half a century since the country's reunification, the Vietnam Oil and Gas industry has risen to become one of the solid pillars of the economy. Petrovietnam 's 50-year journey is a story of courage, intelligence and aspiration, illustrated by great achievements in the national energy development.
The birth of the oil and gas industry was not simply an economic decision, but originated from the genius vision of President Ho Chi Minh. During his visit to the Soviet Union in 1959, he affirmed his wish that after Vietnam gained independence, the Soviet Union and Azerbaijan would help Vietnam exploit oil and gas to build a strong and prosperous country. That thought has become a guiding principle for later generations of oil and gas officials.
Only 100 days after the country's reunification, the Politburo issued Resolution No. 244 dated August 9, 1975 as the political basis for the National Assembly to issue Resolution No. 33 dated August 20, 1975 and the Government to issue Decision No. 170/CP dated September 3, 1975 - establishing the Vietnam General Department of Petroleum and Gas, the direct predecessor of today's Vietnam National Energy and Industry Group. The establishment of the General Department right after reunification not only demonstrated the urgency of exploiting resources to rebuild the country, but also affirmed the strategic position of the oil and gas industry in the national development vision.
'The Miracle of the White Tiger' - a historic turning point
On June 26, 1986, the first commercial oil flow from Bach Ho field was exploited. This was not only the result of years of hard work "finding fire", but also a strong boost for the economy in crisis and entering the Doi Moi process. From here, Vietnam officially became an oil-producing country, creating an important source of foreign currency, contributing to macroeconomic stability and ensuring energy security.
The discovery of oil in the fractured basement rock at Bach Ho was considered an "unbelievable breakthrough" in the scientific community at that time. It affirmed the intelligence, will and mettle of Vietnamese oil and gas workers - the brave "workers" at the forefront of the storm.
Petrovietnam workers work at Phu My Fertilizer Plant (Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo - Phu My)
From a start with almost nothing, after only a few decades, Petrovietnam has built and developed a modern and synchronous oil and gas industry chain. This value chain ranges from exploration, exploitation to processing, petrochemical refining, gas - electricity industry, fertilizer production, technical services and even pioneering steps in the field of renewable energy.
In the upstream sector, drilling rigs on the continental shelf have continuously exploited to bring more than 440 million tons of oil and nearly 200 billion cubic meters of gas, providing essential energy for the economy.
Moving down to the mid- and downstream, the Dung Quat and Nghi Son Oil Refineries have become the "heart" of Vietnam's petrochemical industry, meeting about 60-70% of domestic gasoline demand, thereby significantly reducing dependence on imports.
In the electricity sector, Petrovietnam also affirmed its pivotal role when owning a capacity of more than 8,200 MW, equivalent to 10% of the total national electricity output, contributing to ensuring the balance and stability of the power system in the context of high demand. In the fertilizer sector, the two Phu My and Ca Mau Fertilizer Plants have helped supply 70-80% of the domestic demand for nitrogen fertilizer, becoming an important factor in ensuring national food security.
Many key projects have become symbols of the group's spirit of overcoming difficulties and daring to think and act. Dung Quat Oil Refinery - the first "project of the century" in the petrochemical industry; Phu My Fertilizer Plant - the "companion" of farmers nationwide; thermal power projects such as Song Hau 1 and Thai Binh 2 - stable supply for the power system; or Thi Vai LNG port warehouse - a strategic step opening the era of importing liquefied natural gas... All are bold marks, affirming the mettle and intelligence of Petrovietnam.
Dung Quat Oil Refinery Product Export Port
Along with the projects are the telling numbers, demonstrating the strength and position of the group in the national economy. Petrovietnam's asset size has exceeded one quadrillion VND, with equity reaching more than 556,000 billion VND. Total cumulative revenue in 50 years reached 605 billion USD and in the period 2020-2025 alone, profit reached 316,000 billion VND, a result showing the ability to maintain efficiency even in the context of many fluctuations in the world economy. Regarding budget contributions, Petrovietnam has paid the State more than 142 billion USD, accounting for an average of 8-9% of total budget revenue each year; there were periods when this figure reached 30%, meaning that for every three dong of budget revenue, one dong came from oil and gas.
Not only stopping at economics, Petrovietnam is also a name mentioned a lot in the field of science and technology. The Group has been honored to receive 6 Ho Chi Minh Awards, 4 State Awards, 46 Vifotec and WIPO Awards and 4 international patents. In particular, in terms of social responsibility, Petrovietnam is always a pioneer with practical programs for the community. In the period of 2011-2025, the Group has contributed more than 10,300 billion VND to health care, education, hunger eradication and poverty reduction, contributing to spreading the spirit of humanity, accompanying the development of society.
All of these results have created the image of Petrovietnam as not only the largest enterprise in Vietnam but also an energy pillar, economic fulcrum and national pride.
Representatives of Quang Tri Provincial Police and General Director of Petrovietnam Le Ngoc Son presented symbolic plaques of house handover and gifts to outstanding households in the program of summarizing, completing and handing over 1,143 houses in the program of eliminating temporary and dilapidated houses in Quang Tri province.
Overcoming the crisis
Petrovietnam has faced many global shocks: the 1997 Asian financial crisis, the 2008 oil crisis, the 2014-2016 oil price period, especially the "double crisis" of COVID-19 and plunging oil prices in 2020-2021.
In that context, the Group has chosen the "volatility management" approach: Proactively forecasting, building flexible scenarios, optimizing costs, restructuring investments, and promoting digital transformation. As a result, in 2020 - the most difficult year, Petrovietnam still recorded a positive profit of over VND 20,000 billion, becoming a bright spot of the economy.
Carry out the mission '5 safe - 5 best'
From the development practice, Petrovietnam has clearly defined the mission of "5 An": Energy security, economic security, food security, national defense security, social security. At the same time, the Group affirms "5 best": Largest scale, highest budget contribution, highest profit, most science and technology awards, most social security.
These "an" and "nhat" have portrayed Petrovietnam as a national pillar, both an economic enterprise and a strategic force in ensuring sovereignty, national defense and social security.
vietnam.vn