A drilling rig of PVEP at Rang Dong field. — Photo pvep.com.vn

PetroVietnam Exploration Production Corporation (PVEP) contributed more than VND7.99 trillion (US$344 million) to the State budget in the first five months of 2022, surpassing the target by 92 per cent.

To take advantage of high oil prices in the world market, PVEP has taken measures to ensure stable and safe operations of its projects.

Output in May reached 0.33 million tonnes of oil equivalent, surpassing 19 per cent of the monthly plan.

Thanks to the completion of exploitation targets, PVEP's revenue in the January - May period reached VND19.99 trillion, 84 per cent higher than the goal.

In June, PVEP continued to prepare for the construction of drilled wells and maintained stable mining activities.

The firm has also implemented measures to improve oil recovery coefficient; optimise the exploitation of wells, and increase the exploitation flow of potential wells in order to ensure the oil and gas production output at home and abroad will reach 0.81 million tonnes of oil equivalent in the second quarter. — VNS