Deputy Prime Minister Trinh Dinh Dung speaks at the PVN's conference on January 19 (Photo: VNA)

Hanoi (VNA) – Deputy Prime Minister Trinh Dinh Dung has asked the Vietnam Oil and Gas Group (PVN) to mobilise all resources and solutions for the completion of all targets set for 2017, especially those in oil and gas production.

Addressing the PVN’s conference on January 19, the Deputy PM said that the price of crude oil, which is predicted to remain low and have unexpected changes in 2017, will directly impact countries having the oil and gas industry, including Vietnam, as well as the PVN.

Along with facing difficulties in domestic projects, the sector has also countered fierce competition in the global market, he added.

In that context, Deputy PM Dung requested the group to actively tackle its shortcomings in projects, including the one on Dung Quat shipyard, and other projects that likely slow down.

At the same time, it is necessary to increase the overall quality of all projects, he asked, stressing the need to ensure safety and apply measures to enhance investment effectiveness to avoid losses and wastefulness.

According to PVN General Director Nguyen Vu Truong Son, in 2016, the group fulfilled all set goals. It increased the oil and gas reserve to 16.66 million tonnes, reaching 100 percent of the target, while exploring three new oil fields and exploiting three new fields of RC-9, Thien Ung and Su Tu Trang phase 1.

The group’s oil production was 17.23 million tonnes, completing the target 29 days ahead of schedule, and exceeding the set goal by 1.19 million tonnes. The company brought ashore 10.61 billion cubic metres of gas.

The firm’s industrial production last year reached 490 trillion VND (21.3 billion USD), a 12 percent rise over the yearly target. It made revenues of 452.5 trillion VND (19.67 billion USD), contributed 90.2 trillion VND (3.96 billion USD) to the State budget, which was 10 trillion VND higher than the set target, and earned an after-tax profit of 24.4 trillion VND (1.63 billion USD).

Son said that in 2017, the PVN will increase its control of activities in the East Sea, while speeding up exploration projects and restructuring plan.-VNA