Business

PetroVietnam’s oil exploitation on target

The Vietnam Oil and Gas Group (PetroVietnam) exploited around 15 million tonnes of oil equivalent in 2016, meeting its annual target, the company said.
PetroVietnam’s oil exploitation on target ảnh 1PetroVietnam exploited around 15 million tonnes of oil equivalent in 2016 (Photo: pvn.vn)

Hanoi (VNA) - The Vietnam Oil and Gas Group (PetroVietnam) exploitedaround 15 million tonnes of oil equivalent in 2016, meeting its annual target,the company said.

PetroVietnamalso exploited around 9.6 billion cubic metres of gas this year.

Acompany representative said that in the global context of low oil prices in2016, with an average price of around 44 USD per barrel, PetroVietnam’sfinancial indicators have been strongly hit. So from early on in the year, thegroup actively implemented measures to ensure there was mining production inmore than 30 oil and gas mines across the country.

Thecompany has taken several steps to improve its oil recovery factors, itsoperation systems, and the repair and maintenance of equipment. Two giant oilplatforms - RC-9 and Thien Ung oil rigs - have also been put into operation.Most of PetroVietnam’s mines have met their annual targets or even exceededthem.

“The results were fruitful mainly because of thegroup’s robust performance in mine management, optimisation of exploitationoperations and the excellent condition of some mines,” the representative said,adding that 2016 is the eighth consecutive year in which PetroVietnam’s miningproduction has exceeded the target set by the government.-VNA
VNA
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