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PVEP aims to exploit 4.06 million tonnes of oil in 2018

The PetroVietnam Exploration Production Corporation (PVEP) is taking a serious of measures to realise its set target of extracting 4.06 million tonnes of oil equivalent in 2018.
PVEP aims to exploit 4.06 million tonnes of oil in 2018 ảnh 1A worker from PetroVietnam Exploration Production Corporation (Illustrative image. Source: PetrolTimes)

Hanoi (VNA) - The PetroVietnamExploration Production Corporation (PVEP) is taking a serious of measures torealise its set target of extracting 4.06 million tonnes of oil equivalent in2018.

PVEP’s total oil and gas production in the firsthalf of the year hit 2.17 million tonnes of oil equivalent, up 6 percent fromits target.

The total revenue was estimated to reach nearly 18.3 trillion VND (797.4million USD), up 35 percent against the target set for the period. Thecorporation thus contributed 4.93 trillion VND (213.7 million USD) to the Statebudget, which was 47 percent higher than the set plan.

PVEP also put Bunga Pakma mine’s lot PM3 CAA intooperation on schedule, carried out other projects as schedule, and stablyoperated its existing wells, all of which pushed it towards completing itsexploration plan.

The firm aims to produce 1.89 million tonnes ofoil equivalent in accordance with the set goal in the second half of theyear.

It will also focus on developing Ca Tam field lot 09-3/12, which will hopefullybe generating its first oil flow by December this year.

For the time ahead, along with the Vietnam Oiland Gas Group (PetroVietnam), PVEP will focus on restructuring work, and takemore measures to remove obstacles related to investment management and financialmechanisms for oil and gas projects. -VNA
VNA
#PetroVietnam Exploration Production Corporation #PVEP #oil and gas production #revenue #State budget #Vietnamplus #Vietnam News Agency
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