Petrovietnam Exploration Production

What Petrovietnam Exploration Production does

Petrovietnam Exploration Production Corporation (PVEP, legal name: Tổng công ty Thăm dò Khai thác Dầu khí) is the primary upstream oil and gas exploration and production arm of Petrovietnam (Vietnam National Oil and Gas Group), a Vietnamese state-owned enterprise. Headquartered in Hanoi at Charmvit Tower, PVEP was consolidated in its current form on 4 May 2007 through the merger of the legacy Thăm dò Khai thác Dầu khí entity and PIDC, with operational roots tracing back to 1988. The company manages 53 petroleum projects — 42 domestic and 11 international — across approximately 14 countries including Vietnam, Malaysia, Iraq, Algeria, Indonesia, and Peru, with a peak production capacity of 235,000 barrels of oil equivalent per day and approximately $7 billion in total assets.

PVEP's core product portfolio centers on oil and gas exploration, field development, and production operations, anchored by flagship assets including the Dai Hung field in the Nam Con Son Basin (Phase 3 first oil May 2025), the Su Tu Trang (White Lion) field (Phase 2B under development with a $331 million Techcombank facility), and the Lac Da Vang FSO vessel (first oil targeted Q4 2026). Underlying technology includes offshore drilling and production systems, enhanced oil recovery methods, 3D-PSDM seismic reprocessing, and artificial intelligence applications for reservoir optimization — capabilities that have added over 183 million barrels of in-place oil resources at Dai Hung since PVEP assumed operatorship in 2003.

PVEP generates revenue through Production Sharing Contracts (PSCs) on oil and condensate, and through domestic Gas Sales Purchase Agreements (GSPAs) on natural gas. The company operates an enterprise field-sales GTM motion targeting both Vietnamese national energy security (via its parent Petrovietnam) and international joint-venture partnerships with majors such as Murphy Oil and previously SK Earthon. Pricing is governed by negotiated PSC terms rather than public pricing, and revenue is shared between PVEP, its partners, and the Vietnamese government. Cumulative state budget contributions since 2007 have reached 127 trillion VND, with the Dai Hung field alone contributing over $600 million in state budget payments on cumulative revenue exceeding $4.1 billion.

Name

Petrovietnam Exploration Production

Legal name

Tổng công ty Thăm dò Khai thác Dầu khí (Petrovietnam Exploration Production Corporation)

Website

https://pvep.com.vn

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Others

Revenue model

1. Oil and Condensate Production: PVEP generates revenue through production sharing contracts (PSCs) for oil and condensate extraction from domestic and international fields. Revenue is shared between PVEP, partners, and the Vietnamese government according to PSC terms.
2. Gas Production: Natural gas production and sales from offshore fields, contributing to Vietnam's energy security and domestic gas supply.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

PVEP conducts oil and gas exploration, appraisal, field development, and production across 53 petroleum projects (42 domestic and 11 international) in approximately 14 countries. The company produces and sells crude oil, condensate, and natural gas through Production Sharing Contracts (PSCs) and Gas Sales Purchase Agreements (GSPAs), with flagship operations at the Dai Hung field in the Nam Con Son Basin and the Su Tu Trang field development.

Product overview

Petrovietnam Exploration Production Corporation (PVEP) is Vietnam's primary state-owned oil and gas exploration and production company, operating as a subsidiary of Petrovietnam. The company offers a unified portfolio of upstream petroleum services including exploration, field development, and production operations across 53 projects spanning 42 domestic and 11 international locations in 14 countries. Key operations include the flagship Dai Hung oil field (with Phase 3 achieving first oil in May 2025), the Su Tu Trang development project, and the Lac Da Vang FSO vessel. With over 2,000 employees and approximately $7 billion in assets, PVEP leverages advanced technologies including artificial intelligence applications for reservoir management and digital transformation to optimize recovery rates and extend field life cycles.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Exploration and Production Services Comprehensive oil and gas exploration, development, and production services across Vietnam and international markets, managing multiple petroleum blocks and fields under Production Sharing Contracts.
• Dai Hung Oil Field Operations

Quantifiable outcome

• Added over 183 million barrels of in-place oil resources through technology application at Dai Hung field
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered major, minor and core.

• Murphy Oil CorporationmajorStrategic or Co-development PartnerMurphy Oil and PVEP jointly develop oil blocks in Vietnam. Murphy Oil operates blocks with a 40% working interest. PVEP holds stakes in these joint operations. The Hai Su Vang and Su Tu Trang fields are among the key joint projects.
• SK EarthonminorStrategic or Co-development PartnerSK Earthon (oil exploration arm of SK Innovation) was jointly developing four oil blocks in Vietnam with Murphy Oil and PVEP. SK Earthon decided to sell its stake in three blocks valued at approximately 200 billion won ($140 million) to strengthen financial position.
• PTSC M&CmajorImplementation/ SI/ Consulting PartnerPTSC M&C signed an EPCIC (Engineering, Procurement, Construction, Installation and Commissioning) contract with PVEP Cuu Long for the Su Tu Trang Phase 2B project development.
• PVU/ATC (Petrovietnam University/Advanced Training Center)coreStrategic or Co-development PartnerPVU/ATC and PVEP collaborate on specialized training programs for petroleum staff. Programs include environmental interpretation, sedimentary stratigraphy analysis using Petrel and CycleLog software, and other technical courses to enhance PVEP workforce capabilities.
• PetrovietnamcoreStrategic or Co-development PartnerPVEP is a subsidiary of Petrovietnam (Vietnam National Oil and Gas Group). Petrovietnam provides strategic direction and oversees PVEP's operations as the key subsidiary in the E&P sector.
• EnQuest PLCminorOthersEnQuest acquired Harbour Energy's Vietnam business including interests in Chim Sao and Dua production fields. This transaction affects PVEP indirectly as EnQuest expands in Vietnam's offshore sector.

Scale indicators20 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• SK Earthon: Exploration arm of South Korea's SK Innovation, joint operator with PVEP and Murphy Oil in multiple Vietnam blocks; a direct peer in the Vietnamese offshore PSC landscape.
• Murphy Oil Corporation: Active operator in Vietnam offshore oil blocks (Hai Su Vang, Su Tu Trang) as a joint venture partner with PVEP, with comparable operational footprint in Vietnamese waters.
• Petronas Carigali: Upstream arm of Malaysia's Petronas, operating offshore production in Malaysian waters and internationally; directly comparable in business model as a national oil company E&P vehicle with PSC arrangements.
• PTT Exploration and Production (PTTEP): National oil and gas E&P company of Thailand, operating offshore and onshore production in Southeast Asia, with comparable upstream portfolio, PSC-style arrangements, and state-backed mandate for national energy security.
• Pertamina Hulu Energi: Upstream subsidiary of Indonesia's Pertamina, focused on domestic and international E&P, operating under similar government mandate and PSC framework in a neighboring Southeast Asian country.

Broad incumbents

• ONGC Videsh: International E&P subsidiary of India's ONGC; comparable as a state-backed national oil company pursuing overseas production to secure energy supply, with similar international portfolio approach.
• CNOOC Limited: China's primary offshore oil and gas producer; comparable in offshore E&P technology and state ownership, with significantly larger scale and broader international footprint.
• PetroVietnam (parent): PVEP's parent group (Vietnam National Oil and Gas Group) is the relevant umbrella comparison; also has downstream, gas, and services subsidiaries that complement PVEP's upstream focus.

Regional players

• Idemitsu Kosan: Japanese energy company with historical and ongoing upstream interests in Southeast Asia, including joint exploration with regional national oil companies; comparable as an Asian IOC with regional E&P exposure.

Emerging players

• EnQuest PLC: UK-listed E&P company that recently acquired Harbour Energy's Vietnam business (Chim Sao and Dua fields), making it a regional player overlapping with PVEP's operating geography.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/pvep.com.vn
• LinkedInlinkedin.com/company/petrovietnam-exploration-production-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petrovietnam Exploration Production