ENERGY TRANSITION

January 27, 2021

1. Overview••

60 years of experience in petroleum industry in Vietnam
PVN is assigned by the Government to carry out oil andgas exploration and production activities 60.000 employees Total revenue ~ 30 billion USD in 2021
 Top 30 world’s largest oil and gas reserves

Core businesses
Oil and gas Explorationand Production

Oil and gasservices

Gasindustry

Before 201520 - 25% total state budget contribution
18 - 25% GDP

2016-2020
9-11% total state budget contribution
10 - 13% GDP

Supply 100% dry gas, 70% petroleum products, 60% LPG, 70 75% fertilizer, 8% of power generation in VietnamPetroleum
processingPowerindustry12. Energy transition
Energy Transition  Green house gas emissions reduction
Direct Emissions
Reduction(CCS/CCUS, CH4…)

Saving and energy
effeciency

Clean Energy

Renewables(wind, solar, biomass…)

Gas

Clean Fuel(hydrogen, NH3…)

Electrification

Resolution 55
National energy security
Fast and sustainable energy development associated with environment protection

ENERGY TRANSITION IN VIETNAM(reduction of GHG by 15% in 2030, 20% in 2040)

Priority ofrenewableenergy, newenergy, clean
energy(15-20% by2030, 25-30% by2045)

Exploitation andrational use fossilfuels(Prioritize
development of gas
power, appropriate
roadmap for coal
power reduction)

Energyefficiency(7% by 2030;14% by 2045)

Energy market
boosting towards
competitivenessand transparency

November 2021, PM’s
ambitious statement at
COP26:“Vietnam will takestronger measures toachieve net-zeroemissions by 2050”

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3. PVN's strategy

Transition to a leading energy group••

Promotion of exploration and production
Seek for other available energy sources.

••Stable gas supply, becoming main fuel for thermal power plants (graduallyreplacing coal fired power plants).
Facilities upgrade to develop LNG, hydrogen and other clean fuelPower industry••••

Development of power plants with clean fuel (gas, hydrogen...).
Development of renewable energy, prioritizing offshore wind.
2021-2030: 7 – 8% of national installed capacity, RE 5 – 10%.
2031-2045: 7 – 8% of national installed capacity, RE 10 – 20%.

Petroleum processing••

Deep processing and petrochemistry.
Products quality diversification and improvement

Oil and gas services•Capacity building to meet clean energy projects requirements.

Oil and gas Exploration
ProductionGas industry

34. New technology – Driven future vision
4.1 Nature Gas - LNG
Diverse customers: Power plants, fertilizers,
industrial households, low pressure consumers...
Ownership of complete gas processing
and distribution system in Vietnam

Customer

Ownership of complete system of oil and gas
infrastructures.

Infrastructure
Capacity

Major gas projects developers: Block B,
CVX, LNG Thi Vai, LNG Son My...

PVN plays a key role: Form & develop gas market; large-scale LNG import facilities
development, gas supply for power generation nationwide.
44. New technology – Driven future vision
4.2 Offshore Wind
PVN's capacity in oil and gas projects

OSW foundation

Production facilities foundation

Offshore projects of national records: Tam Dao 03, 05 jack-ups (water depth 90-120 m), Sao Vang
project (26.600 tons), Hai Thach project (25.000 tons)>100 large
projects

Many rigs with total weights ranging from 2.000 to 10.000 tons

International projects: Qatar's largest oil rig in Gallaf (26.000 tons), Brunei’s EPCC Maharaja Lela
South project for Total E&P (2.000 tons), Taiwan’s Hai Long project: offshore wind substations)54. New technology – Driven future vision
4.2 Offshore Wind
PVN's capacity in offshore wind power projects
Services ships (nearly 100 units) of diverse
capacities and types

Services ports nationwide

Infrastructure
Capacity
EPCSurvey
Seabed survey, geotechnicalsurvey...)••••DesignProcurement
Onshore fabrication andmanufacturing
Offshore transportation andinstallation

O&M••

Offshore oil and gas projects
Gas power, coal power,hydropower, onshore wind

PVN is the leading major in Vietnam in mechanical engineering,onshore fabrication and offshore transportation and installation
64. New technology – Driven future vision
4.3 Hydrogen•••

Grey hydrogen production in refinery BSR, petrochemical complex NSRP and fertilizer plants (PVFCCo, PVCFC)
Existing natural gas facilities (transportation, storage, distribution) can be converted for hydrogen system withappropriate upgrade of economic viability
Expected future demand for green hydrogen in petroleum processing and fertilizer facilities to produce synthetic fuels

PVN has enormous advantage in creating a hydrogen value chain
from production, storage, transportation to distribution

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Thank you!