The Vietnam Oil and Gas Group (PetroVietnam) has launched a subsidiary company that will specialize in the exploration and exploitation of oil and gas.

Deputy Prime Minister Truong Vinh Trong presided over the launch ceremony on May 14.

In creating the subsidiary, PetroVietnam combined the Oil and Gas Exploration and Production Company and the Oil and Gas Investment and Development Company into one body with the aim of expanding its oil and gas exploitation work abroad.