Crude oil exploitation at Te Giac Trang (White Rhinoceros field). — Photo: PVEP

The PetroVietnam Exploration Production Corporation (PVEP), a subsidiary of the Viet Nam Oil and Gas Group (PetroVietnam), fulfilled its target of exploiting 2.2 million tonnes of crude oil and selling 1.15 million cu.m of gas for the whole year as of Christmas Day.

The company said a total of 3.8 million tonnes of oil equivalent and 2.68 million tonnes of oil will be extracted by December 30 and December 31, completing the annual goal.

PVEP has suffered a tough 2020, with the oil and gas sector facing the dual crises of steep oil price falls and the COVID-19 pandemic, which resulted in the suspension of investment activities and a downturn in oil exploitation overseas.

It also encountered several technical problems in its oil wells and had to maintain operations while cutting costs.

To overcome the challenges, PVEP joined hands with PetroVietnam’s oil exploitation board to seek low-cost measures to carry out oil and gas exploitation in a timely manner.

It also conducted assessments of oil and gas projects and identified measures to address shortcomings to improve asset quality together with risk settlement mechanisms to ensure financial security and capital development.

The company is estimated to earn some VND20.8 trillion (US$899.9 million) in revenue this year and contribute VND5.83 trillion to the State budget.

Since the difficulties facing the global oil and gas sector are set to continue into 2021, PVEP will maintain efforts to improve its oil and gas exploitation. — VNS