PVEP achieves 2017 goals ahead of schedule

The PetroVietnam Exploration and Production Corporation (PVEP) achieved all its 2017 goals by November 29, 32 days ahead of schedule.

PVEP fulfilled the task of tapping 3.55 million tonnes of oil and condensate as assigned by PetroVietnam. It also tapped 843 million cu.m of gas out of the total 2.795 billion cu.m that PetroVietnam exploited by October 8, hitting its target 84 days early.

pvep achieves 2017 goals ahead of schedule hinh 0
Dai Hung oil field (Source: pvn.vn)

Total revenue was estimated at VND31 trillion (US$1.37 billion) as of late November, 1% higher than the target while revenue to the State budget reached VND7.8 trillion, 12% above the yearly plan. 

PVEP General Director Ngo Huu Hai said 2017 is the third consecutive year petrol prices have been kept low, making it hard for PVEP to find capital. To counter this, it cut unnecessary investment, restructured divisions and saved operating costs. 

Between now and the year’s end, PVEP will continue tapping additional 1.3 million tonnes of crude oil and 1.5 billion cu.m of gas as assigned by the Government, contributing to gross domestic product growth and State budget collection.

VNA

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