Expanding business horizons – PVEP's strategic path in the energy transition era

For PetroVietnam Exploration Production Corporation (PVEP), expanding its business horizons is not simply a response to global trends. It is a strategic step toward supporting the implementation of the Vietnam National Industry – Energy Group (Petrovietnam) Development Strategy to 2030, with a vision to 2050. Under this strategy, Petrovietnam is evolving into a leading integrated industry and energy group, maintaining energy as its core business while developing complementary industrial and service sectors to create a modern, sustainable value chain. Alongside its continued commitment to ensuring national energy security through oil and gas exploration and production, the Group has identified offshore renewable energy, CCUS, hydrogen, green ammonia, and energy transition minerals as important future growth drivers.

Within this strategic framework, PVEP is well positioned to play a pioneering role. Backed by decades of expertise in geology, geophysics, drilling, field development, offshore project execution, and international cooperation, the Corporation possesses the capabilities required to explore new energy resources and strategic subsurface assets while continuing to excel in its core upstream business.

For more than two decades, PVEP has been at the forefront of discovering and developing Vietnam's oil and gas resources, contributing significantly to reserve growth and national energy security. Today, the Corporation's mission is expanding beyond conventional hydrocarbons. Its commitment to "Pioneering Energy Frontiers" reflects a broader vision of unlocking diverse energy resources that will support sustainable development—from conventional oil and gas and offshore energy to carbon management solutions and strategic minerals essential for low-carbon technologies.

"PVEP - Pioneering Energy Frontiers"

Importantly, this expansion does not change PVEP's identity as an upstream E&P company. Instead, it enables the Corporation to build on its established strengths, create new growth opportunities, and enhance long-term competitiveness in an evolving global energy landscape.

The experience of leading international energy companies reinforces this approach. Equinor (Norway) has demonstrated that energy transition does not require abandoning oil and gas. In its strategy towards 2035, the company states that the "Norwegian Continental Shelf remains our backbone," reaffirming oil and gas as the foundation of its business while leveraging decades of offshore expertise to expand into offshore wind, carbon capture and storage (CCS), hydrogen, and other low-carbon solutions. Its strategy illustrates how existing capabilities can serve as the platform for future growth.

Likewise, TotalEnergies (France) has transformed itself into a multi-energy company through a balanced strategy that combines continued investment in competitive oil and gas assets—particularly LNG and low-emission projects—with expansion into offshore wind, solar power, hydrogen, electricity, and carbon management. By maintaining a profitable upstream business, TotalEnergies generates the financial resources and technological capabilities needed to accelerate investment in emerging energy sectors.

These international examples demonstrate a common principle: successful energy transition is achieved not by replacing core businesses, but by expanding upon them. Existing expertise, technologies, and operational capabilities become the foundation for developing new businesses and creating sustainable long-term value.

For PVEP, this principle offers a clear direction. By leveraging its core competencies in subsurface studies, offshore operations, project management, and international partnership, the Corporation is well positioned to progressively expand into energy-related businesses and strategic minerals that complement its upstream portfolio. This approach will strengthen PVEP's competitiveness, create new growth drivers, and contribute to the successful realization of Petrovietnam's long-term development strategy.

Looking ahead, expanding business horizons is more than a growth opportunity—it represents PVEP's commitment to shaping the future of energy. Building on its proud legacy in exploration and production, the Corporation will continue to innovate, diversify responsibly, and fulfill its mission of Pioneering Energy Frontiers, contributing to Vietnam's energy security and sustainable development for generations to come.

PVEP