Vietnam's PVEP announces major offshore oil and gas discovery

Petroleum Vietnam Exploration Production (PVEP) reported a significant new find offshore Vietnam at well RDM-1X in Block 11‑2, located in the Rong Đôi Mới structure. The discovery contains roughly 242.5 billion cubic feet of gas in place, which translates to an increase of about 1.36 million barrels of oil equivalent (BOE) for PVEP's reserves.

The boost lifts PVEP's six‑month reserve growth to 1.58 million BOE, equivalent to 34 % of its annual target. Other exploratory wells—TGT‑18X, DH‑32XP and HSV‑2X—also posted positive results. PVEP completed five exploration wells in early 2026, is currently drilling two more and plans seven additional wells later in the year, aiming to sustain a minimum 10 % average annual growth. The development is expected to add around 40 million BCF of gas and 2,000 barrels of condensate per day to production.