PetroVietnam’s oil exploitation on target

The Vietnam Oil and Gas Group (PetroVietnam) exploited around 15 million tonnes of oil equivalent in 2016, meeting its annual target, the company said.

PetroVietnam also exploited around 9.6 billion cubic metres of gas this year.

A company representative said that in the global context of low oil prices in 2016, with an average price of around US$44 per barrel, PetroVietnam’s financial indicators have been strongly hit. So from early on in the year, the group actively implemented measures to ensure there was mining production in more than 30 oil and gas mines across the country.

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The company has taken several steps to improve its oil recovery factors, its operation systems, and the repair and maintenance of equipment. Two giant oil platforms - RC-9 and Thien Ung oil rigs - have also been put into operation. Most of PetroVietnam’s mines have met their annual targets or even exceeded them.

“The results were fruitful mainly because of the group’s robust performance in mine management, optimisation of exploitation operations and the excellent condition of some mines,” the representative said, adding that 2016 is the eighth consecutive year in which PetroVietnam’s mining production has exceeded the target set by the government.

VNA

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