Petrovietnam Exploration Production Corporation Limited (Vietnam)

Petroleum Exploration and Exploitation Corporation (PVEP) is a key unit within the Vietnam National Oil and Gas Group, specializing in oil and gas exploration and exploitation. PVEP has a long history, starting with the establishment of Petrovietnam II (PV-II) in May 1988 and Petrovietnam I (PV-I) in November 1988. Over the years, PVEP has undergone various name changes and restructuring to adapt to the industry's development. In 1993, PVSC and PVEP were formed through the reorganization of PV-I and PV-II. This marked an important milestone in the effective management of oil and gas exploration and exploitation activities in Vietnam. PVEP also began participating in oil and gas contracts both domestically and internationally, gradually transforming into a real oil and gas company. The establishment of Petroleum Investment and Development Company (PIDC) in 2000, based on PVSC, was a significant turning point for PVEP. PIDC increased self-investment and contributed capital to domestic projects, while also venturing into overseas exploration and exploitation investments in countries such as Algeria, Indonesia, Iraq, and Malaysia. During this period, PVEP and PIDC successfully executed important oil and gas projects. On April 5, 2007, the current Petroleum Exploration and Exploitation Corporation (PVEP) was formed through the merger of Petroleum Exploration and Exploitation Company and Petroleum Investment and Development Company. This consolidation aimed to streamline production and business activities and consolidate the resources of the Vietnam National Oil and Gas Group. The goal was to enhance PVEP's initiative and competitiveness, transforming it into an international oil and gas company capable of operating exploration and exploitation activities both domestically and abroad.