Business

PVEP fulfils crude oil exploitation target

The PetroVietnam Exploration Production Corporation (PVEP), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), had fulfilled its target of exploiting 2.2 million tonnes of crude oil and selling 1.15 million cu.m of gas for the whole year as of December 25.
PVEP fulfils crude oil exploitation target ảnh 1Crude oil exploitation at Te Giac Trang (White Rhinoceros field) (Photo: PVEP)
Hanoi (VNA) - The PetroVietnam Exploration Production Corporation(PVEP), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), had fulfilledits target of exploiting 2.2 million tonnes of crude oil and selling 1.15million cu.m of gas for the whole year as of December 25.

The company said a total of 3.8 million tonnes of oil equivalent and 2.68 milliontonnes of oil will be extracted by December 30 and December 31, completing the annualgoal.

PVEP has gone through a tough 2020, with the oil and gas sector facing the dualcrises of steep oil price falls and the COVID-19 pandemic, which resulted in thesuspension of investment activities and a downturn in oil exploitation overseas.

It also encountered several technical problems in its oil wells, and had to maintainoperations while cutting costs.

In a bid to overcome the challenges, PVEP joined hands with PetroVietnam’s oilexploitation board to seek low-cost measures to carry out oil and gasexploitation in a timely manner.

It also conducted assessments of oil and gas projects and identified measuresto address shortcomings to improve asset quality together with risk settlementmechanisms to ensure financial security and capital development.

The company is estimated to earn some 20.8 trillion VND (899.9 million USD) inrevenue this year and contribute 5.83 trillion VND to the State budget.

Since the difficulties facing the global oil and gas sector are said to continueinto 2021, PVEP will maintain efforts to improve its oil and gasexploitation./.
VNA
#PetroVietnam Exploration Production Corporation (PVEP) #PetroVietnam #crude oil #oil and gas sector #vietnamplus #vietnam news agency
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