Business

PVEP achieves 2017 goals ahead of schedule

The PetroVietnam Exploration and Production Corporation (PVEP) achieved all its 2017 goals by November 29, 32 days ahead of schedule.
PVEP achieves 2017 goals ahead of schedule ảnh 1Dai Hung oil field (Source: pvn.vn)
Hanoi (VNA) – The PetroVietnamExploration and Production Corporation (PVEP) achieved all its 2017 goals byNovember 29, 32 days ahead of schedule.

PVEP fulfilled the task of tapping 3.55million tonnes of oil and condensate as assigned by PetroVietnam. It alsotapped 843 million cu.m of gas out of the total 2.795 billion cu.m thatPetroVietnam exploited by October 8, hitting its target 84 days early.

Total revenue was estimated at 31 trillionVND (1.37 billion USD) as of late November, 1 percent higher than the targetwhile revenue to the State budget reached 7.8 trillion VND, 12 percent abovethe yearly plan.

PVEP General Director Ngo Huu Hai said 2017is the third consecutive year petrol prices have been kept low, making it hardfor PVEP to find capital. To counter this, it cut unnecessary investment,restructured divisions and saved operating costs.

Between now and the year’s end, PVEP willcontinue tapping additional 1.3 million tonnes of crude oil and 1.5 billioncu.m of gas as assigned by the Government, contributing to gross domesticproduct growth and State budget collection.-VNA

VNA
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