Illustrative image (Source: VNA)
 
Hanoi (VNA) – The PetroVietnam Exploration Production Corporation (PVEP) has surpassed its oil and gas exploration and financial targets for the first half of this year.

Specifically, the total oil and gas production hit 2.17 million tonnes of oil equivalent, up 6 percent from its target, while the total gas for sale reached 558 million cubic metres.

PVEP put Bunga Pakma mine, lot PM3 CAA into operation on May 12 with a high volume.

The total revenue surpassed 18.29 trillion VND, up 35 percent compared to its target. Pre-tax and post-tax profit topped 6.65 trillion VND and 3.36 trillion VND, respectively. It contributed over 4.9 trillion VND to the State budget, also up 47 percent from the plan.

Since early this year, PVEP has adopted specific measures to stabilise manufacturing and ensure absolute safety for its operations.

Its leaders stepped up the approval of the PVEP restructuring plan for the 2017-2020 period to submit to competent agencies.

Together with PetroVietnam, it has refined its legal framework for oil and gas projects, financial mechanisms, and feasible capital for its operations.

For the remaining half of the year, PVEP will increase oil reserves to 1 million tonnes of oil equivalent and develop Ca Tam field, lot 09-3/12 – which is expected to generate the first oil flow in December 2018, Su Tu Trang Pha 2, lot 15-1 as well as other projects.

In order to achieve its set goals, PetroVietnam and the Ministry of Industry and Trade need to rapidly approve a suitable financial mechanism for PVEP’s oil and gas exploration. -VNA