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PVEP to invest 380 million USD in exploring, exploiting new oil fields

The PetroVietnam Exploration Production Corporation (PVEP) will invest about 380 million USD in exploring, exploiting and developing new oil fields this year, according to Deputy General Director Hoang Ngoc Trung.
PVEP to invest 380 million USD in exploring, exploiting new oil fields ảnh 1Illustrative photo. (Source: pvep.com.vn)
Hanoi (VNA) – The PetroVietnam Exploration Production Corporation(PVEP) will invest about 380 million USD in exploring, exploiting and developingnew oil fields this year, according to Deputy General Director Hoang NgocTrung.

The move aims to allow the corporation to cope with the degradation ofits existing oil fields after years of production, and weakening oil prices,Trung said, adding that the oil price has remained at a very low level sincelast year.

The company has decided to pour a large amount of investments into suchcore activities to ensure it will be able to fulfil its output goals in thefollowing years, he said.

He further noted that oil and gas exploration and production remainrisky itself so it is important that the PVEP would receive support fromauthorities in removing legal barriers in investment policies and procedures.It will facilitate the corporation to quickly explore and exploit new oilfields.

The PVEP is currently operating 35 oil and gas projects, including 29at home and six abroad./.
VNA
#PVEP #exploration #exploitation #new oil fields #oil and gas production #vietnam #vietnam news #vietnamplus #vietnam news agency
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