Vietnam's Đại Hùng Oil Field Generates $4.5 Billion After $1 Valuation

The offshore Đại Hùng oil field in the Nam Côn Sơn basin, about 265 km southeast of Vũng Tàu, was once valued at just US$1 when foreign contractors withdrew. Complex geology, deep water of 110‑120 m and fragmented fault systems made the project unattractive to investors such as Australia’s BHP Billiton and Malaysia’s Petronas. After the exit of these firms, Petrovietnam transferred operation to its subsidiary PVEP in 2003. Vietnamese engineers, led by Dr. Nguyễn Ngọc Trung, devised home‑grown scientific‑technical solutions, designing and installing their own platforms. The field now produces revenue exceeding US$4.5 billion, showcasing Vietnam’s growing capacity to master oil‑field technology without external dependence.