Illustrative photo. (Source: VNA) Though its production remains very low, there is still ample room for it to be cut further, said General Director Nguyen Quynh Lam.
Vietsovpetro produces crude oil so no matter how high orlow global prices are, the company cannot put production on hold, he said, adding thatthe best way to deal with the uncertainty of global oil prices is to furtherreduce production cost.
It is the most prominent solution that has helpedVietsovpetro keep itself afloat against all odds over the last two years.According to Lam, the joint venture has improved its production efficiency in all stages, fromthe installment and operation of offshore drilling rigs, oil exploitation, to transport of oil to tankers and input supply to offshore rigs, so as to minimisecosts.
Over the past two years, the company has cut up to 20million USD in production cost just from optimising its supply of input to offshorerigs, the General Director noted. There is plenty of room left forVietsovpetro to continue optimising its production and further cut the cost,he said.
Vietsovpetro is likely to complete all of its yearlytargets in revenue, profit and State budget payment this month, three monthsahead of schedule, thanks to its comprehensive and effective measures topromote production.
In order to maintain safe operations amid the fourth waveof COVID-19, the company’s leaders have given drastic and flexible directionson the implementation of solutions to ensure the safety of workers and sustainproduction at the same time.
With proper risk assessment and forecast, the firm has undertakenmultiple measures to cut cost and speed up digital transformation to maximiseits performance in all conditions and circumstances.
Thanks to such efforts, it has saved 11.7 million USD incosts during the first eight months of 2021, equivalent to 124 percent of itsyearly target.
During the period, Vietsovpetro exploited over 2.1million tonnes of oil equivalent and condensate, exceeding its target for theperiod by 5.4 percent. Meanwhile, its natural gas output reached 55.8 millioncu.m, surpassing the set goal by 8.4 percent. The volume of gas supplied to theshore also reached 605.3 million cu.m.
Its total revenue from oil and gas reached about 1.06billion USD, 293.3 billion USD higher than its target and up 23.3 percent yearon year.
Its budget payment hit 535.5 million USD, exceeding theplan by 154.5 million USD and representing a year-on-year rise of over 27percent. Its profit hit 163.7 million USD, 52.9 million USD more than thefigure set in the plan and increasing nearly 31 percent over the same periodlast year.
The company sets to exploit nearly three million tonnesof oil equivalent and condensate this year.
Last year, the joint venture’s oil and gas output reached3.42 million tonnes, surpassing the set target by nearly 300,000 tonnes.
Earlier this month, it has won a bid to manufacture basesof the ZWP12 and ZWP15 rigs for the Zawtika 1D field development projectinvested by PTTEP Thailand.
The ZWP12 and ZWP15 rigs' bases are built at lots M9 andM11 in the Martaban basin, Myanmar waters at a depth of about 132m and 156m.
The ZWP12 rig base weighs about 5,200 tonnes, and theZWP15 rig base is about 6,300 tonnes. The construction and launch of the basesare expected to finish in 15 months, starting from this September./.
VNA
