PetroVietnam Exploration and Production (PVEP), a subsidiary of Vietnam’s state-owned oil and gas company PetroVietnam (PVN), has announced two new oil discoveries offshore southern Vietnam, with combined initial reserves of over 100 mbl (5.6 Mt). Drilling at the R79 well in the Rong Field in the Block 09-1 found initial reserves of 16.5 mbl of crude oil, while drilling at the BA-1X well at Block Pm3 CAA found initial reserves of 84 mbl. This discovery is the largest in Vietnam in more than 20 years.
Vietnam produced 9 Mt of crude oil in 2022, with reserves standing at about 595 Mt.