PetroVietnam to cut crude oil exploitation costs during 2020-2025
Hanoi (VNA) - The Vietnam Oil and Gas Group (PetroVietnam) has set
a goal of reducing average crude oil exploitation costs in order to sustain
business during the 2020-2025 period, even if crude oil price drops to 30 USD
per barrel.
During the third congress of the Party organisations at PetroVietnam for
the 2020-2025 tenure in Hanoi on June 9, General Director Le Manh Hung said the
group is facing difficulties during 2015-2020, especially in exploration and
exploitation.
Secretary of the Party Committee and Chairman of the Board of Directors at
PetroVietnam, Tran Sy Thanh, asked the group to focus on two key tasks. The
first is following the Resolution adopted by the fourth plenum of the 12th Party Central Committee on Party building and rectification while preventing
and driving back degradation in political thought, moral virtue, and lifestyle.
The second is improving corporate governance to achieve set goals,
especially those regarding production and trade as well as finance, and paying
attention to petrol price forecasts to better control risks, he said.
PetroVietnam will put into operation Lot B and the Ca Voi Xanh gas fields,
the largest in Vietnam, during the 2020-2025 period.
The group’s total revenue in 2015-2020 is estimated at 3,397 trillion
VND (over 146.37 billion USD) and State budget contributions at 592 trillion
VND. After-tax profit is expected to reach 170 trillion VND.
It expects to tap 25-30 million
tonnes of oil equivalent each year after 2024./.