PVEP fulfils crude oil exploitation target hinh anh 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 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.

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

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

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

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

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

The company is estimated to earn some 20.8 trillion VND (899.9 million USD) in revenue 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 continue into 2021, PVEP will maintain efforts to improve its oil and gas exploitation./.