Increasing oil and gas reserves
In the first nine months of 2026, PetroVietnam Exploration Production Corporation (PVEP) recorded oil-equivalent output of 3.30 million tonnes, exceeding its target by 10% and rising 27% year on year. Its contributions to the state budget reached 15.295 trillion VND, up 69% compared with the same period in 2025.
Since the beginning of the year, PVEP has undertaken development drilling at 27 wells, completing 18 while work continues on the remaining nine. Alongside additional output from new wells, the corporation has stepped up well interventions, optimised operations and promoted the application of science and technology, innovation and digital transformation.
According to PVEP's leaders, the corporation will continue accelerating exploration, appraisal and reserve assessments to sustain long-term growth.
For oil and gas field development projects, PVEP will strengthen progress monitoring and address obstacles relating to investment procedures, long-lead equipment procurement, construction and commercial agreements. Projects including Dai Hung Nam, Block B, Khanh My–Dam Doi and Kinh Ngu Vang need to be accelerated in 2026 to ensure they meet their production commencement milestones in subsequent years. At the same time, investment capital will be prioritised for activities capable of generating production output and cash flow.
"We are striving to control risks and prepare new projects, with the aim of comprehensively fulfilling our annual targets, thereby making a practical contribution to production and ensuring energy supplies for the economy," PVEP General Director Nguyen Thien Bao emphasised. Meanwhile, Petrovietnam Refining and Petrochemical Corporation has maintained large-scale production and business operations, making significant contributions to domestic petroleum supplies and the state budget. In the first nine months, the company's production output reached 6.15 million tonnes, while consolidated revenue totalled 164.53 trillion VND and state budget contributions amounted to 10.51 trillion VND.
Expanding markets and customer networks
Maintaining stable operations, ensuring adequate supplies and effectively managing business performance will remain key priorities for enterprises in the coming period.
General Director of the Petrovietnam Refining and Petrochemical Corporation Nguyen Viet Thang said that amid continued volatility in global energy markets, the company was responsible not only for production and business activities but also for contributing to national energy security, defence and security. Maintaining stable operations at Dung Quat Oil Refinery, proactively securing crude oil supplies and ensuring sufficient petroleum products for the domestic market are helping strengthen Viet Nam's energy self-reliance.
The company also identifies raw material risk management and operational optimisation as essential to maintaining production and business efficiency. It has largely secured its crude oil supplies through the end of 2026. It is proactively managing inventories within prescribed limits and adjusting crude oil import plans in line with refining demand.
"Alongside traditional refining operations, we are implementing a transition strategy towards integrated refining and petrochemicals, green energy and low-carbon products. Our consistent approach is to improve the efficiency of existing operations to generate resources for new business areas, while selecting projects based on their economic viability and alignment with policy roadmaps," Thang said.
Le Ngoc Son, Chairman of the Members' Council of the Viet Nam National Industry–Energy Group (Petrovietnam), said that during the first nine months, in addition to domestically produced crude oil, the group supplied an additional 25 million barrels to the Dung Quat and Nghi Son refineries for blending and fuel processing. The two refineries currently meet more than 70% of the country's petroleum demand.
Notably, in response to supply disruptions caused by conflicts in the Middle East, Petrovietnam has leveraged government support to flexibly expand its sourcing markets, successfully purchasing 18 million barrels of crude oil from overseas suppliers. This measure has enabled the refineries to maintain stable operations at high capacity, helping safeguard national energy security.
Regarding the group's business performance, Son said Petrovietnam's total revenue had reached 1.2 quadrillion VND, fulfilling its annual target three months ahead of schedule. Its contributions to the state budget reached 122.9 trillion VND, equivalent to 93% of the annual target. He added that double-digit growth in crude oil production would provide a solid foundation for the group to achieve its remaining targets ahead of schedule.
