Creating long-term value

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A constantly-changing global landscape has led to the development model for Vietnam’s energy sector becoming outdated and in need of renewal.

The global energy sector is undergoing profound changes driven by geopolitical volatility, climate change, emission reduction requirements, and rapid advances in science and technology. In Vietnam, ensuring energy security is not simply a matter of balancing immediate supply and demand; it is also essential to sustaining long-term economic growth.

For decades, the oil and gas industry has played a vital role in supplying fuels and industrial feedstocks, contributing to the State budget, and laying the foundations for the country’s industrial and energy sectors. However, the decline of some traditional resources, the energy transition, and intensifying competitive pressures have created an urgent need to renew the industry’s development model. The time has come to identify new growth drivers and increase the value the industry delivers to the economy.

Oil and gas exploration and production in Vietnam face increasingly challenging conditions. Many fields that have been in production for decades are entering a phase of natural decline. Meanwhile, developing new resources may require operations in deepwater and remote offshore areas or locations with complex geological and technical conditions.

Some new discoveries are relatively small or marginally economic, requiring substantial capital investment while carrying significant technical risks during exploration and development. As a result, opportunities for growth through conventional oil and gas extraction are becoming increasingly limited. To maintain its important role in the economy, the industry must improve the efficiency of existing operations while developing new sources of growth.

Against this backdrop, the transformation of the Vietnam National Oil and Gas Group into the Vietnam National Industry - Energy Group (Petrovietnam) represents more than a name change.

Building on its established capabilities in oil and gas, Petrovietnam plans to expand across the industrial and energy value chain, combining the efficient…

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