PVEP’s nine-month budget contribution exceeds yearly plan

Hanoi (VNA) – The PetroVietnam Exploration and Production Corporation (PVEP)’s nine-month State budget contribution exceeded its set yearly target thanks to higher oil prices.

The corporation said it paid 7.9 trillion VND (339 million USD) to the State budget during the period, surpassing the 2018 plan by 24 percent.

Its total revenue in the first nine months of this year was estimated at 28.3 trillion VND (1.2 billion USD), an increase of nearly 50 percent compared to the nine-month plan and 10 percent higher than the yearly target.

In the context of favourable developments in oil prices, PVEP has accelerated the implementation of restructuring plan, optimized the efficiency of management apparatus and took measures to remove obstacles in investment management and financial mechanism.

Thanks to these efforts, the oil and gas output of most oil fields exceeded the set target, with the nine-month figure hitting 3.18 million tonnes of oil equivalent, 10 percent higher than the plan.

Notably, PVEP put Bunga Pakma field of lot PM3 CAA into production on May 12, 2018 and is working hard to begin tapping oil from Ca Tam field of lot 09-3/12 in January 2019.

The corporation is now implementing 43 oil and gas projects, including 36 domestic and seven foreign ones, and two basic investigation projects.

To fulfill its 2018 tasks, PVEP will continue focusing on close management and supervision of its projects and maintain production to ensure the accomplishment of assigned output targets. It will carry out measures to optimise the exploitation of oil fields, complete drilling and put into use development wells on schedule.-VNA