A worker from PetroVietnam Exploration Production Corporation (Illustrative image. Source: PetrolTimes)

Hanoi (VNA) -
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’s total oil and gas production in the first half of the year hit 2.17 million tonnes of oil equivalent, up 6 percent from its target.

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

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

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

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

For the time ahead, along with the Vietnam Oil and Gas Group (PetroVietnam), PVEP will focus on restructuring work, and take more measures to remove obstacles related to investment management and financial mechanisms for oil and gas projects. -VNA