Business

PVEP’s contribution to State budget exceeds 92 percent of target

The PetroVietnam Exploration Production Corporation (PVEP) contributed over 7.99 trillion VND (over 344,66 million USD) to the State budget in the first five months of 2022, surpassing the target by 92 percent.
PVEP’s contribution to State budget exceeds 92 percent of target ảnh 1A drilling rig of PVEP at Rang Dong field - Illustrative image (Photo: PVN) 

Hanoi (VNA) - The PetroVietnam Exploration Production Corporation (PVEP) contributed over 7.99 trillion VND (over 344,66 million USD) to the State budget in the first five months of 2022, surpassing the target by 92 percent. 

To take advantage of high oil prices in the world market, PVEP has taken solutions to ensure stable and safe operations of its projects.

Accordingly, output in May reached 0.33 million tonnes of oil equivalent, surpassing 19 percent of the monthly plan.
   
Thanks to the completion of exploitation targets, PVEP's revenue in the January - May period reached 19.99 trillion VND, 84 percent higher than the goal.

In June, PVEP has continued to prepare for the construction of drilled wells and maintained stable mining activities.

The firm has also implemented measures to improve oil recovery coefficient; optimise the exploitation of wells, and increase the exploitation flow of potential wells in order to ensure the oil and gas production output at home and abroad will reach 0.81 million tonnes of oil equivalent in the second quarter./. 

VNA
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