Business

PVEP’s oil & gas output surpasses six-month target

The PetroVietnam Exploration Production Corporation (PVEP) has reported an oil equivalent output of 2.01 million tonnes in the first half of 2020, 4 percent higher than its target.
PVEP’s oil & gas output surpasses six-month target ảnh 1The Bach Ho oil field (Photo: VNA)

Hanoi (VNA) - The PetroVietnam ExplorationProduction Corporation (PVEP) has reported an oil equivalent output of 2.01million tonnes in the first half of 2020, 4 percent higher than its target.

The yield fulfilled 53 percent of the goal set for theentire year.

Of the total, the production of crude oil/condensate andnatural gas stood at 1.42 million tonnes and 589 million cubic metres, 4 and 1percent higher than targeted, respectively.

According to PVEP President & CEO Tran Quoc Viet, despitethe high output, falling global oil prices coupled with the COVID-19 pandemichave hindered the company from achieving its financial targets for the period.

To meet the yearly goal, PVEP said it will continue optimisingexploitation output, cutting cost, enhancing resources’ quality, and applyingtechnologies in production, among others./.
VNA
#PVEP #PetroVietnam Exploration Production Corporation #oil equivalent output #crude oil #condensate #natural gas #COVID-19 #Vietnam News Agency #vietnamplus
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