PetroVietnam Exploration and Production Corporation (PVEP) has estimated after-tax profit of VND3.5 trillion (US$154.1 million) in 2017.

At a meeting to review its operation held in Ha Noi on Monday, PVEP said its total revenue this year also surpassed 11 per cent of the set target to reach VND34 trillion.

Its total assets were VND135 trillion and ownership capital was VND70.7 trillion. It contributed VND8.6 trillion to the State budget.

As of November 29, 2017, its total output was 3.66 million tonnes

The corporation this year completed and brought some oilfields into operation such as Dai Hung’s (Big Bear) gas gathering project and the water disposal and discharge project connecting Te Giac Trang (White rhinoceros), 11 days sooner than set plans.

PVEP plans to focus on safe and effective exploitation of its oilfields to ensure output of 3.66 million tonnes, 32 days sooner than its set targets next year.

The corporation’s general director Ngo Huu Hai asked all employees complete the targets of 1.3 million tonnes of crude oil and 1.5 billion cu.m gas in 2018. — VNS