The PetroVietnam Exploration Production Corporation (PVEP) is taking measures to realise its set target of extracting 4.06 million tonnes of oil equivalent in 2018.

PVEP’s total oil and gas production in the first half of the year hit 2.17 million tonnes of oil equivalent, 6 per cent above its target.

Total revenue was estimated to reach nearly VND18.3 trillion (US$797.4 million), up 35 per cent against the target.

The corporation contributed VND4.93 trillion to the State budget, which was 47 per cent higher than targeted.

PVEP also put Bunga Pakma mine’s lot PM3 CAA into operation on schedule, carried out other projects as scheduled, and operated its existing wells, all of which pushed it towards completing its exploration plan.

The firm aims to produce 1.89 million tonnes of oil equivalent in the second half of the year.

Vietnam Oil and Gas Group (PetroVietnam) and PVEP will focus on restructuring and take measures to remove obstacles related to investment management and financial mechanisms for oil and gas projects. — VNS