PetroVietnam Exploration Production Corporation was inaugurated on 4th May 2007 as an one shareholder company as a merger of PetroVietnam Investment Development Company and PetroVietnam Exploration Production Company. The Viet Nam Oil and Gas Group owns 100% of its capital. The setting up of this Corporation is a breakthrough in the petroleum industry, helping to unify the management of all business activities in the field of exploration and production in Viet Nam and overseas. PVEP’s exploration and production operations have been taking place frequently both in and outside Viet Nam. In Viet Nam, PVEP has been implementing petroleum projects in Song Hong, Cuu Long, Nam Con Son, Malay - Tho Chu and Truong Sa sedimentary basins. It has made its presence felt in 13 countries belonging to hydrocarbon potential areas around the world such as the Middle East, Northern and Central Africa, Latin America and South East Asia.
To push up investment in exploration and production both in Vietnam and overseas so as to secure energy reserves for sustainable development and increase its production outputs; to increase financial contribution to the State Budget; and to ensure a perfect harmony between our economic interests and the development goals of PetroVietnam in particular and the nation in general.