Research on proposing a portfolio and solutions to develop key products of Vietnam Oil and Gas Group to 2030 and vision to 2050

Abstract

The global oil and gas industry is facing profound changes due to the impact of energy transition trends, commitments to net-zero emissions by 2050, and the development of new technologies. This trend promotes the growth of clean and renewable energy sources (such as wind power, solar power, hydrogen, and biofuels), while putting pressure on the demand for traditional fossil fuel products.

This paper analyzes factors affecting the selection of key products by Vietnam Oil and Gas Group (Petrovietnam) for the period up to 2030 and vision to 2050, concentrating on four main aspects: (1) Global market trends and new energy technologies; (2) Current production and business capabilities and innovation potential of Petrovietnam; (3) Vietnamese policies on renewable energy, emission reduction, and sustainable development; and (4) Petrovietnam's long-term strategic development orientation. The author uses the SWOT analysis method combined with a product evaluation matrix based on criteria of market, technology, environment, and Petrovietnam's capabilities to identify the portfolio of key products for the period up to 2030 and vision to 2050.

The results show that, in addition to maintaining and developing existing key products such as crude oil, gas, petroleum products, gas- fired electricity, and inorganic fertilizers in the short term, Petrovietnam needs to focus on investing in new energy products, renewable energy, petrochemicals, and green, clean, environmentally friendly products such as offshore wind power, hydrogen, biofuels, organic fertilizers, bioplastics, and CCS/CCUS-derived products to ensure long-term sustainable development. This is the scientific basis for formulating long- term product development strategies, helping Petrovietnam proactively adapt to energy transition trends, enhance competitiveness, and build a sustainable energy value chain.