PVEP completes oil and gas exploitation target earlier than scheduled

Tuesday, Dec 24, 2019 08:18

Besides focusing on exploitation at Ca Tam (Sturgeon) oilfield, PVEP has implemented development projects in other oilfields. — Photo courtesy of PVEP

The PetroVietnam Exploration Production Corporation (PVEP) has completed its yearly plan to exploit 4.33 million tonnes of oil equivalent earlier than scheduled.

This is the 10th consecutive year that PVEP has achieved its goal earlier than planned, online newspaper vietnamplus.vn reported.

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.

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

Total revenue is estimated at VND35.91 trillion (US$1.54 billion), surpassing the yearly target of 7 per cent. Post-tax profit is expected to reach VND6.35 trillion ($274 million), exceeding the yearly plan by 54 per cent.

PVEP is forecast to contribute VND10.53 trillion ($453.81 million) to the State budget, surpassing the annual plan by 13 per cent. — VNS

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