PVEP exploits 3 million tonnes of oil equivalent in 10 months
The PetroVietnam Exploration Production Corporation (PVEP) – a subsidiary of the Vietnam Oil and Gas Group (Petrovietnam) - has exploited 3 million tonnes of oil equivalent in the first 10 months of 2023, exceeding 14% of the planned target set by the group in 2023.
Its oil and condensate output in the period reached 2.01 million tonnes, 9% higher than the plan assigned by PetroVietnam, and its gas sales reached 998 million cu.m in the January – October period, 23% higher the set plan.
For these results, the PVEP has focused on technical solutions to maintain stable exploitation, ensuring safe exploitation, optimising the management and mining, and maintaining the maximum flow of wells within the safe threshold.
The maintenance of stable exploitation output helped the PVEP get a total revenue of over VND34.2 trillion (over US$1.4 billion) in the last 10 months, up 20% compared to the plan assigned by Petrovietnam, contributing over VND11.7 trillion to the State budget.
The company has maintained stable business and safe production, and taken solutions to maximising targets set for 2023, thus contributing to completing Petrovietnam’s plan.
It will continue developing a number of wells as scheduled, maintaining stable operation of mining equipment with continuous exploitation and operation time reaching over 98%, and seeking new projects to prepare production plans for 2024.
