PVEP’s revenue exceeds yearly plan by 35%

 PVEP’s revenue exceeds yearly plan by 35% (Photo: VNA)

Hanoi (VNA) - The PetroVietnam Exploration Production Corporation (PVEP) reported total revenue of 34.5 trillion VND (nearly 1.45 billion USD) in the first nine months of 2022, surpassing the yearly plan by 35%.

The firm’s pre-tax profit reached 20.95 trillion VND, and it contributed 16.23 trillion VND to the State budget. 

According to Vice General Director of PVEP Nguyen Thien Bao, the firm recorded an oil equivalent output of 2.79 million tonnes  during January – September, up 17% year-on-year, and equivalent to 88% of the plan set for the year. The company also completed the drilling of nine new wells in the period. 

In the remaining months of 2022, PVEP will focus on volatility management and market forecast, aiming to complete the production and business target assigned by the Oil and Gas group (PetroVietnam). 

At a recent working session with representatives of PVEP, Deputy General Director of PetroVietnam Le Ngoc Son asked PVEP to concentrate on removing obstacles in potential projects to speed up the progress, towards ensuring the goal of increasing reserves in the coming years.

PVEP was also requested to pay heed to applying science and technology and promoting digital transformation to its serve production and business activities./. 

VNA