Deputy Prime Minister Hoang Trung Hai has proposed that PetroVietnam Exploration Production Corporation (PVEP) focus on mapping out strategies to boost its oil and gas exploration and exploitation overseas.

Hai made the request at a ceremony that PVEP held to receive the Labour Hero title in Hanoi on July 23. During the past 26 years of its construction and development, the PVEP has become a leading corporation of the Vietnam National Oil and Gas Group in the field of oil exploration and exploitation.

Deputy PM Hai praised the corporation for ensuring energy security and contributing to the national development and defence.

He also asked the corporation to keep a close eye on new developments in the East Sea and coordinate closely with relevant ministries and sectors to work out a master plan on further ensuring security and safety for the implementation of offshore projects in the continental shelf of Vietnam .

As of late 2013, the corporation exploited more than 47 million tonnes of oil and condensate and 40.37 billion cubic metres of gas, raising reserve to 305.52 million tonnes of oil equivalent. The PEVP also carried out explorations of 148 wells including 24 newly discovered oil fields.

It managed or participated in the management of 43 oil and gas projects at home. It has collaborated with foreign contractors to put many fields into stable, safe and effective operation, including Su Tu Den (Black lion), Su Tu Vang (Golden lion), Te Giac Trang (White rhinoceros), Hai Su Trang (White sea lion), and Dai Hung oilfield.

Besides, PEVP controlled or took part in the management of 20 oil and gas projects in 15 countries worldwide. It conducted exploration and exploitation activities at some oilfields in Malaysia , Peru and Venezuela .

From 2007 to 2013, the corporation gained 43.5 trillion VND (2.05 billion USD) in revenue and 23.8 trillion VND (1.1 billion USD) in pre-tax profits. It also paid 14 trillion VND (658 million USD) of tax to the state budget.-VNA