The discovery and mastery of mining technology in the granite basement of Bach Ho mine has created a historic turning point in the oil and gas industry - Photo: Ekabi drilling vessel exploiting oil in the basement of Bach Ho mine
In the modern history of Vietnam, there is a special story associated with the first drops of oil from the continental shelf, that is the story of Petrovietnam .
From the first drops of oil...
Half a century has passed, from the difficult beginnings, Petrovietnam has become an economic pillar, playing an important role in ensuring energy security, making a great contribution to the cause of industrialization and modernization of the country. That journey is not only written by the numbers of output, revenue or budget contribution but also by the mettle, will, aspiration and creative spirit of the Petrovietnam leadership and employees, the fundamental factors that have brought the Group from "nothing to something" to become the largest industrial - energy group in Vietnam, with prestige and brand in the region and in the world.
In the early days of its establishment, oil and gas were almost "0", and had to start in a country still full of war wounds, searching for and exploiting oil and gas was almost a distant dream. Yet in that situation, oil and gas workers chose an extremely difficult path: exploiting oil and gas on the continental shelf - a new, complex field that required high technology.
And then, with a burning desire and steadfast faith, the "oil and gas soldiers" clung to the sea, overcame the waves, and persistently searched for resources. They created the "White Tiger miracle": discovering large reserves in the basement rock layer, something that experts and scientists at that time considered "impossible". Those first drops of oil therefore became a symbol of faith and aspiration to master modern technology in Vietnam.
Petrovietnam has continuously grown, developed and completed, synchronized the oil and gas industry chain, from exploration - exploitation, processing, electricity, to technical services, fertilizer and new energy with iconic factories and projects such as Bach Ho mine, Phu My Fertilizer Plant, Dung Quat Oil Refinery.... Thanks to that, Vietnam has been self-sufficient in most of its gasoline, electricity, and fertilizer needs, and at the same time has the capacity to participate in the international industrial - energy value chain.
Through its activities, Petrovietnam has affirmed itself as a pillar of the national economy, playing a key role in ensuring the 5 "An"s: Energy security; Food security; Economic security; National sovereignty security at sea and actively participating in social activities for the community.
Numbers don't lie
Petrovietnam's aspirations were not only nurtured during the period of establishment. Over the past 50 years, Petrovietnam has faced global fluctuations many times, from the 1997 Asian financial crisis, the 2008 oil crisis, the period of plunging oil prices in 2014-2016, to the "double crisis" caused by the impact of the COVID-19 pandemic and low oil prices in 2020-2021... However, in the most difficult times, with its proactiveness, courage and high adaptability, Petrovietnam has always maintained a continuous chain of production and business activities, contributing hundreds of thousands of billions of VND each year to the State budget.
LNG Thi Vai Terminal
Numbers do not lie. Since the first ton of oil was exploited on June 26, 1986, the Group has become an important source of revenue for the state budget. Before 2000, Petrovietnam was the enterprise that contributed the most to the national budget with a rate of up to 30% of the total state budget revenue.
Currently, when the scale of the economy is much larger, Petrovietnam's contribution accounts for 8-9% of the total budget revenue with an average value of about 160 trillion VND/year and accounts for 80.3% of the total budget payment of 18 State-owned Groups/Corporations. To date, Petrovietnam's total accumulated revenue has reached 605 billion USD and the budget payment is over 142 billion USD - an achievement that clearly marks a large-scale national enterprise with strong financial capacity and profound influence on the macro economy.
Petrovietnam is constantly growing, developing and completing and synchronizing the oil and gas industrial chain.
What is special about Petrovietnam is that the aspirations of workers and leaders are united. It is not only economic targets but also the belief in the national mission. Every young engineer on the rig, every factory operator, every research expert in the laboratory - all carry within them the pride and will to contribute to the great aspirations of the Group and, further, of the country. That aspiration is the "soft power" that helps the Group overcome all storms. When oil prices fall freely, when the epidemic disrupts the supply chain, when projects encounter difficulties, it is the spirit of solidarity - belief - social responsibility that keeps Petrovietnam steadfast.
And Petrovietnam's aspirations are not only in the economic and energy fields but also linked to social responsibility. Every year, Petrovietnam spends hundreds of billions of VND on social security programs, poverty reduction, and support for remote areas and islands. During the COVID-19 pandemic, Petrovietnam was one of the largest contributors to the Vaccine Fund, and directly supported medical equipment and necessities for many localities. This is a testament to the motto "sustainable development must be associated with social responsibility".
Petrovietnam workers are constantly making efforts on projects and works.
In the context of a rapidly changing world, Petrovietnam's officers today not only dream of drilling rigs and oil tanks, but also of offshore wind turbines, hydrogen plants, modern LNG ports, CCUS networks covering industrial zones... That is the vision of a pioneering industry.
Dr. Le Manh Hung, Party Secretary and Chairman of the Board of Directors of Petrovietnam, once shared that Petrovietnam's aspiration is not only to exploit how many barrels of oil and produce how many billion cubic meters of gas, but also to make the oil and gas industry an energy foundation, an industrial driving force, an economic support and national pride.
With that spirit, since 2019, Petrovietnam has built a strategy and stepped up research, preparing to invest heavily in the fields of offshore wind power, green hydrogen, green ammonia, LNG and renewable energy. This is not only a global trend, but also an inevitable need to ensure sustainable energy security.
With experience in operating drilling rigs, pipeline systems and offshore structures, Petrovietnam has a great advantage to become a "pioneer" in Vietnam's offshore wind power industry - a field considered a pillar for the energy transition process. Projects and works such as the Thi Vai LNG Terminal, offshore wind power base manufacturing, research programs on hydrogen production from wind power, solar power - strategic energy sources for the future... are not only an economic story but also a strategic vision: Preparing the country for a green, clean, sustainable energy foundation, meeting both immediate and long-term needs.
Petrovietnam’s aspiration is therefore part of the aspiration for a strong Vietnam. If in the 1980s, Petrovietnam’s aspiration was to find the first drop of oil to affirm its self-reliance, today that aspiration has reached a new level: creating national energy.
Petrovietnam is not only an oil and gas group but has become a comprehensive national energy group. This means shifting from the "oil and gas exploitation" model to the "integrated energy supply" model - combining traditional oil and gas with renewable energy, liquefied natural gas, electricity and high-tech services. Such a model will help Vietnam reduce its dependence on imports and participate more deeply in the global energy value chain. The designation of Vietnam National Industry and Energy Group encompasses the great expectations and missions that the Party and State place on Petrovietnam.
With that in mind, Petrovietnam has been and will be investing heavily in research and development (R&D), innovation, digital transformation and automation. Not just simply importing technology, Petrovietnam aims to master and innovate technology, build a team of leading experts, and become the energy knowledge center of the region.
Petrovietnam with strategic vision of creating a green, sustainable energy future, accompanying the country's development
Building the future
Petrovietnam's aspiration to create the future is inseparable from sustainable development goals. Each oil and gas project, each new energy project not only aims at profit, but also must ensure safety, protect the marine environment, and bring practical benefits to the community. In particular, Petrovietnam always considers people as the center of all strategies. Investing in young human resources, encouraging creativity, creating a modern and civilized working environment - that is how Petrovietnam "creates the future" from its own internal strength.
Petrovietnam has gone through a 50-year journey full of hardships but also with great pride. The road ahead is full of challenges, but with perseverance and burning desire, with the spirit of solidarity and creativity, Petrovietnam will certainly continue to write new golden pages of history, contributing to the aspiration to build a prosperous and powerful country. Half a century ago, Vietnamese oil and gas people wrote miracles from the ground and the sea. In the next half a century, they will continue to write new miracles - miracles of green energy, sustainable development and affirming Vietnam's stature on the world's industrial and energy map!
vietnam.vn