PetroVietnam completes oil exploitation plan for 2021 ahead of schedule

Illustrative image. (Photo: baochinhphu.vn)

Hanoi (VNA) - The Vietnam Oil and Gas Group (PetroVietnam) has reported that it has completed the target of 7.99 million tonnes of oil output set for this year, 42 days ahead of schedule.

In the first ten months of this year, despite facing a lot of difficulties due to the COVID-19 outbreak which resulted in prolonged social distancing and disruption of the supply chain of supplies and equipment, the group in coordination with contractors has striven to achieve its target.

The early completion of the oil production plan is a great effort of PetroVietnam in the context of a decline in natural output of existing oil and gas fields after a long period of exploitation and investment and problems arising relating to mechanisms in the development of new fields.

Thanks to the application of scientific and technological solutions to improve oil recovery, the group has reached the maximum exploitation output in terms of technical safety, taking advantage of market opportunities of rising oil prices to make the highest contribution to the State budget.

PetroVietnam contributed 75.4 trillion VND (3.3 billion USD) to the State budget in the first 10 months of 2021, exceeding 21 percent of the 2021 plan and up 23 percent over the same period last year./.

VNA