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PVEP completes oil and gas exploitation target earlier than scheduled

The PetroVietnam Exploration Production Corporation (PVEP) has completed its yearly plan to exploit 4.33 million tonnes of oil equivalent earlier than scheduled.
PVEP completes oil and gas exploitation target earlier than scheduled ảnh 1Besides focusing on exploitation at Ca Tam (Sturgeon) oilfield, PVPE has implemented development projects in other oilfields. (Source: PVEP)

Hanoi (VNA) – The PetroVietnamExploration Production Corporation (PVEP) has completed its yearly plan toexploit 4.33 million tonnes of oil equivalent earlier than scheduled.

This is the 10th consecutive year that PVEP hasachieved its goal earlier than planned.

According PVEP, the goal was achieved despite sloweconomic global growth and declining trade, as well as unpredictable crude oilprices and difficulties in oil and gas exploitation overseas.

In 2019, PVEP has focused on exploitation at CaTam (Sturgeon) oilfield, ensuring the first oil flow was on schedule, whileimplementing development projects at other oilfields.

PVEP’s total oil output is estimated to reach4.45 million tonnes this year, surpassing the yearly target by 3 percent. Thecorporation is expected to sell 1.32 billion cubic metres of gas, also exceedingthe annual target by 3 percent.

Total revenues are estimated at 35.91 trillionVND (1.54 billion USD), surpassing the yearly target of 7 percent. Post-taxprofits are expected to reach 6.35 trillion VND (274 million USD), exceedingthe yearly plan by 54 percent.

PVEP is forecast to contribute 10.53 trillionVND (453.81 million USD) to the State budget, surpassing the annual plan by 13percent./.
VNA
#PetroVietnam Exploration Production Corporation (PVEP) #crude oil #Ca Tam (Sturgeon) oilfield #development projects #Vietnamplus #Vietnam News Agency
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