The event was attended by Mr. Nguyễn Hoàng Long, Deputy Minister of Industry and Trade, along with representatives from the Government Office and relevant ministries and agencies. Representing Bà Rịa - Vũng Tàu Province was Mr. Nguyễn Văn Thọ, Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee. On behalf of Petrovietnam, the event saw the presence of Mr. Lê Mạnh Hùng, Chairman of the Board of Members; Mr. Lê Ngọc Sơn, General Director; Mr. Trần Quang Dũng, Standing Deputy Secretary of the Party Committee of the Group; members of the Board of Members, the Executive Board, leaders of departments, and subsidiaries of Petrovietnam. Additionally, the event welcomed the participation of contractors, partners, and domestic and international investors who have accompanied Petrovietnam over the years.
Under the theme "Partners in progress - United in success," the 2025 oil and gas contractor meeting provided an opportunity for Petrovietnam and its contractors and partners to review the past year's achievements and explore new cooperation opportunities, with the common goal of promoting the sustainable development of Vietnam's oil and gas industry. This event served not only as a networking opportunity but also as a testament to the spirit of cooperation, trust, and solidarity between Petrovietnam and its domestic and international partners.
Delegates perform a ceremony committing to cooperation and breakthrough development.
At the event, Petrovietnam Chairman of the Board of Members, Lê Mạnh Hùng, highlighted the corporation’s outstanding achievements in 2024 and key strategic goals for 2025. Under the action motto: "Managing volatility, adding new momentum, renewing old momentum, creating new energy sources, reaching new heights," Petrovietnam achieved impressive results in 2024. Specifically, oil and gas reserves increased by 15.2 million tons of oil equivalent, and production reached 16.19 million tons of oil equivalent, with three new oil and gas discoveries at Block 09-1 (Rồng field), Block PM3-CAA (Bunga Aster field), and Block 15-2/17 (Hải Sư Vàng field). Some fields were brought into production immediately after exploration drilling, thanks to the application of advanced technology.
Petrovietnam Chairman Lê Mạnh Hùng emphasizes that, with the support of its domestic and international partners and contractors, Petrovietnam will achieve and exceed its targets for 2025.
Despite facing significant fluctuations in oil prices, Petrovietnam set a record with total revenue exceeding 1 quadrillion VND, contributing 165 trillion VND to the state budget, a 9% increase compared to 2023. The corporation continued to affirm its key role in ensuring national energy security, supplying fuel for defense, and stabilizing the market. On the international stage, Petrovietnam strengthened cooperation with traditional partners while expanding its activities into the Middle East, laying a solid foundation for long-term development.
Petrovietnam Chairman of the Board of Members stated that 2025 marks a pivotal year in the corporation’s transition into the National Industrial-Energy Group, with a strong focus on developing green and clean energy while reducing net emissions in line with COP26 commitments. Notably, the Vietnamese government has entrusted Petrovietnam with the Ninh Thuận 2 nuclear power project, opening new opportunities for the corporation to reach greater heights.
With the 2025 action theme: "Innovate from the core, develop superior models, integrate into the global supply chain, elevate energy knowledge, breakthrough in growth, and drive a sustainable green transition,"Petrovietnam aims to optimize oil and gas exploration and production, ensure the safe and stable operation of oil and gas facilities, accelerate digital transformation, and foster a strong digital corporate culture.
Chairman Lê Mạnh Hùng emphasized that despite numerous challenges, with determination, creativity, and relentless efforts, Petrovietnam—together with its domestic and international partners and contractors—will achieve and surpass its 2025 targets, further solidifying its leading position in Vietnam’s energy sector.
Mr. Ravi Meka, Director of Murphy Cuu Long Tay Oil Company, representing Murphy, PVEP, SK Earthon, and all Contractors/Operators, emphasized the importance of collaboration in Vietnam's oil and gas sector. He highlighted successes in 2024, particularly the Final Investment Decision (FID) for the Lac Da Vang field in Block 15-1/05 at the end of 2023, and the planned development drilling program in 2025 aiming for commercial oil production in 2026. He also mentioned the new discovery at the Hai Su Vang prospect (Block 15-2/17) and the Lac Da Hong exploration well.
Mr. Ravi Meka, Director of Murphy Cuu Long Tay Oil Company, expresses optimism about the prospects of Vietnam's oil and gas industry.
Mr. Meka expressed optimism about the outlook for Vietnam's oil and gas industry, emphasizing positive reforms from the Government and Petrovietnam, especially the 2022 Oil and Gas Law, which streamlines the approval process and encourages investment. He believes Vietnam remains an attractive destination for oil and gas investors and anticipates many new Production Sharing Contracts (PSCs) will be signed in the near future.
The Murphy representative also acknowledged Petrovietnam's energy development strategy, which combines traditional oil and gas with renewable energy. On the occasion of Petrovietnam's 50th anniversary in 2025, Mr. Ravi Meka congratulated the corporation on its achievements and expressed his desire for continued collaboration for further development.
Speaking at the event, Deputy Minister of Industry and Trade Nguyen Hoang Long commended Petrovietnam's achievements in 2024, despite the unpredictable fluctuations in the global energy market. Throughout the past year, the Ministry of Industry and Trade actively supported Petrovietnam and its contractors in oil and gas operations. Many important decisions were granted, including extensions and approvals for field development plans, oil and gas facility decommissioning, the transfer of rights in oil and gas contracts, and particularly the prioritization of attractive oil and gas blocks to attract investment.
Deputy Minister of Industry and Trade Nguyễn Hoàng Long commends Petrovietnam's achievements in 2024.
Looking ahead to 2025, the oil and gas industry continues to face numerous challenges, especially given the significant impact of President-elect Donald Trump's energy policies on the global energy market. Vietnam is also undergoing an energy transition and preparing to enter a new phase of development.
To facilitate Petrovietnam's operations, the Ministry of Industry and Trade will propose to the government increased decentralization, faster approval processes for oil and gas projects, and the improvement of the legal framework related to Petrovietnam's activities. Simultaneously, the Ministry hopes Petrovietnam will continue to play a key role in implementing the National Energy Master Plan and the oil and gas industry development strategy for the 2025-2030 period.
At the event, Petrovietnam's leadership presented awards to teams and individuals with outstanding achievements in oil and gas operations in 2024. This recognizes the significant contributions of contractors, service companies, and partners in promoting the development of Vietnam's oil and gas industry. In addition to teams, many individuals were also awarded for their outstanding performance in the operation, management, and development of the oil and gas sector.
Petrovietnam Chairman Lê Mạnh Hùng presents awards to oil and gas partners and contractors.
Petrovietnam General Director Lê Ngọc Sơn presents awards to oil and gas partners and contractors.
The development of the oil and gas industry is not solely based on the efforts of the Corporation but also the result of close cooperation with contractors, partners, and individuals in the industry. The achievements in 2024 are an important foundation for continued development in 2025, especially in the context of the global energy transition.
Petrovietnam leaders present awards to teams and individuals with outstanding achievements in managing oil and gas operations in 2024.
Petrovietnam is committed to continuing close cooperation with partners, promoting technology application, optimizing production and business operations, and ensuring national energy security. The awarding of prizes is an encouragement for outstanding individuals and teams, and simultaneously affirms the determination to develop Vietnam's oil and gas industry sustainably.
Some photos from the event:
Mr. Lê Mạnh Hùng, Chairman of the Board of Directors, and Mr. Lê Ngọc Sơn, General Director of Petrovietnam, exchange views with Dr. Nguyễn Quốc Thập, Chairman of the Vietnam Oil and Gas Association.
Mr. Nguyễn Văn Thọ, Vice Secretary of the Provincial Party Committee and Chairman of the People's Committee of Bà Rịa Vũng Tàu Province, discusses with Mr. Trần Quang Dũng, Standing Vice Secretary of the Petrovietnam Party Committee.
Mr. Phạm Tuấn Anh, Member of the Petrovietnam Board of Directors, and leaders of PVEP and PVMR at the event.
Delegates attending the event.