PVEP completes yearly gas sales target ahead of schedule

Tuesday, Sep 06, 2022 07:56

PVEP's rigs at the White Lion oil filed. — Photo pvep.com.vn

The PetroVietnam Exploration Production Corporation (PVEP) has sold 830 million cu.m of gas so far, fulfilling its yearly goal 123 days ahead of schedule.

PVEP attributed the success to soaring global demand for gas caused by the Russia-Ukraine crisis. The State-owned company has seen a sharp rise in gas sales at all its projects, particularly Block PM3 CAA and those of Cuu Long Joint Operating Company (JOC).

The firm has also accomplished all output targets assigned by its parent company PetroVietnam in the first eight months of this year.

It pumped 2.52 million tonnes of oil equivalent during the period, 19 per cent higher than the eight-month goal and representing 79 per cent of the yearly plan.

Its oil and condensate output reached 1.69 million tonnes, exceeding the periodic plan by 7 per cent and equivalent to 72 per cent of the year’s target. Gas output surpassed the eight-month plan by 50 per cent to hit 834 million tonnes, reaching the company’s full target for the entire year.

In 2022, PVEP is tasked to produce 3.18 million tonnes of oil equivalent. — VNS

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