Petrovietnam arm to venture into CO2 transportation, seabed minerals, geothermal

PVEP, the upstream arm of state giant Petrovietnam, plans to expand into new fields such as CO2 transportation and disposal (carbon capture, utilization, and storage), coal gas and underground mineral research, seabed minerals, and geothermal.

Executives of PVEP (PetroVietnam Exploration Production Corporation) presented their orientations at a Monday meeting with leaders of parent group Petrovietnam on business plans and strategy in 2026 and until 2030

They said these fields were selected based on their exploration and production (E&P) strengths.

PVEP is also researching investing in an ecological energy-industrial center in Hung Yen province and a center for processing geological data using high-performance computers to serve exploration and exploitation activities, thereby making new products and services with high technology content.

In the period 2026-2030, the corporation sets a target in line with Petrovietnam's strategy of maintaining a growth rate of 10% in 2026. By 2030, revenue from new products, science- technology, and innovation will account for 25%, while revenue from international business will make up 30%.

The company aims to take science-technology, innovation, and digital transformation as driving forces of future breakthrough developments.

PVEP will continue to improve and expand its value chain, from oil and gas exploration and exploitation to oil field cleanup, special oil and gas services, and provision of new energy products and services, in line with the global energy transition trend.

It also seeks to make an important contribution to ensuring national energy security and developing the marine economy associated with protecting national sovereignty at sea.

Petrovietnam general director Le Ngoc Son stated that in the coming period, in addition to ensuring growth in traditional fields, PVEP needs to focus on opportunities and expand its scale through mergers and acquisitions (M&A). Son requested that M&A tasks be put at the heart of the governance plan for 2026.

He also emphasized that PVEP, as Petrovietnam's key unit in implementing exploration and exploitation tasks, needs to strengthen scientific and technological solutions to increase output, optimize costs, and contribute to ensuring the group's overall growth rate.

Petrovietnam chairman Le Manh Hung noted that PVEP needs to identify five groups of driving forces to build a development and growth formula for the coming time.

"Driving forces of E&P activities should be the core, creating a foundation for development, along with others such as science-technology, integrated value chains, M&A, and new types of energy to create breakthroughs," he said.

PVEP leaders attended the meeting included chairman Truong Quoc Lam and general director Nguyen Thien Bao.

PVEP is partner of many big international oil companies and service contractors such as Gazprom, Rosneft, Petronas, ConocoPhillips, ExxonMobil, BP, ENI, Chevron, Talisman, ONGC, Sonatrach, PDVSA, Perupetro, Schlumberger, and Baker Hughes, according to its website.