PVEP completes oil and gas exploitation target earlier than scheduled

Update: 21:24 | 23/12/2019
The PetroVietnam Exploration Production Corporation (PVEP) has completed its yearly plan to exploit 4.33 million tonnes of oil equivalent earlier than scheduled.
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This is the 10th consecutive year that PVEP has achieved its goal earlier than planned.

pvep completes oil and gas exploitation target earlier than scheduled
Besides focusing on exploitation at Ca Tam (Sturgeon) oilfield, PVPE has implemented development projects in other oilfields. (Photo: PVEP)

According PVEP, the goal was achieved despite slow economic global growth and declining trade, as well as unpredictable crude oil prices and difficulties in oil and gas exploitation overseas.

In 2019, PVEP has focused on exploitation at Ca Tam (Sturgeon) oilfield, ensuring the first oil flow was on schedule, while implementing development projects at other oilfields.

PVEP’s total oil output is estimated to reach 4.45 million tonnes this year, surpassing the yearly target by 3 percent. The corporation is expected to sell 1.32 billion cubic metres of gas, also exceeding the annual target by 3 percent.

Total revenues are estimated at 35.91 trillion VND (1.54 billion USD), surpassing the yearly target of 7 percent. Post-tax profits are expected to reach 6.35 trillion VND (274 million USD), exceeding the yearly plan by 54 percent.

PVEP is forecast to contribute 10.53 trillion VND (453.81 million USD) to the State budget, surpassing the annual plan by 13 percent.

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(Source: VNA)