Vietnam's state-owned company Petrovietnam Exploration Production Corporation (PVEP) announced the discovery of new oil and gas reserves in Offshore Block 11-2 in the Nam Con Son Basin. Simultaneously, the company announced plans to drill seven more exploration wells by the end of 2026 to expand the country's resource base.
In the first half of 2026, PVEP increased its reserves by 1.58 million metric tons of oil equivalent, reaching 34% of its annual target. The company also completed agreements on 13 out of 14 technical projects and approved 11 out of 14 investment programs for exploration and appraisal drilling.
The main highlight was the successful drilling of the RDM-1X well in Block 11-2, where new hydrocarbon deposits were discovered in the Rong Doi Moi structure. According to preliminary estimates, gas in place totals approximately 242.5 billion cubic feet (BCF).
PVEP expects the new discovery to increase recoverable reserves by approximately 1.36 million metric tons of oil equivalent. Once brought online, production could reach around 40 million cubic feet of natural gas and 2,000 barrels of gas condensate per day.
Block 11-2 is located in the western part of the Nam Con Son Basin, approximately 320 km southeast of Vung Tau. It covers an area of 691 km², with water depths at the field reaching 85–90 meters.
In addition to Block 11-2, other exploration wells—TGT-18X (Block 16-1), DH-32XP (Block 05-1(a)), and HSV-2X (Block 15-2/17)—showed strong results. According to the company, most of the new fields can be brought into development relatively quickly, helping offset natural decline in production at existing fields.
Out of the 14 exploration wells planned for 2026, drilling rigs are already deployed at 11 sites. Five wells have been completed, two are currently being drilled, and the remaining seven are scheduled to begin during the second half of the year.
In parallel, PVEP is implementing artificial intelligence technologies to forecast prospective deposits, select optimal drilling locations, and build digital exploration databases. The company expects digitalization to improve the accuracy of geological forecasts, reduce technical risks, and accelerate the development of new fields.
These new discoveries support Vietnam's strategy to strengthen energy security, increase domestic hydrocarbon production, and reduce reliance on energy imports.