PVEP fulfils state budget contribution goal

The PetroVietnam Exploration Production Corporation (PVEP), has surpassed all of its business goals, with the contribution to the State Budget 7% higher than the year’s plan.

The corporation said it generated VND2.64 trillion (US$115.5 million) in total revenue and contributed VND702 billion to the State Budget in August. The total revenue of the corporation in the first eight months of this year was VND18.9 trillion, reaching 150% of the 8-month plan and 99.7% of the plan for the whole year. 

PVEP contributed VND5.16 trillion to the State Budget, representing 61% of the 8-month-plan.

The exploration/development works continued to be carried out, ensuring the investment legal procedures as well as safety in the financial and capital arrangement scope of the corporation.

In August, the corporation pumped 0.31 million tonnes of oil equivalent, 19% higher than the monthly plan. Of the volume, 0.22 million tonnes were oil and condensate, an increase of 12% compared to the set plan.

The PVEP's oil and gas exploitation output reached 2.38 million tons of oil equivalent, up 5% compared to the 8-month target. Most of the domestic oil fields operate stably with a higher-than-expected flow such as Su Tu, Te Giac Trang, Dai Hung, Ca Ngu Vang and  Ca Tam.

In August, the corporation continued to carry out the COVID-19 pandemic prevention measures under the direction of the Government and PetroVietnam to ensure the safety of projects as well as employees. 

PVEP periodically sent weekly and unscheduled reports to the Group related to the COVID-19 prevention and control work of units and projects under its leadership. In addition, the corporation regularly updated information on the pandemic and made recommendations to its employees.

The corporation has coordinated with ministries, agencies, localities, Petrovietnam and other member units of the Group to deploy vaccination for its staff.

By the end of August, more than 86% of PVEP employees had been vaccinated with at least one dose of COVID-19 vaccines. In particular, all staff working on foreign projects had been vaccinated with at least one shot.

Besides, PVEP regularly organises online consultation sessions for officials and employees as well as strengthens pandemic prevention at projects.

It is forecast that in the near future, the implementation of PVEP’s oil and gas projects will be affected due to the COVID-19 pandemic.

PVEP is also anticipated to face many difficulties due to unpredictable fluctuations in oil prices as well as challenges in controlling the progress of key projects and handling of bottlenecks relating to legal, professional and procedures.

To overcome the challenges, PVEP will focus on drastically carrying out comprehensive solutions to achieve and even surpass the production and business plan in September and the whole year. The corporation will strive to maintain stable operation of mining equipment with over 95% uptime, keeping the pace of production to ensure the completion of the year’s exploitation output. 

It will actively develop and implement financial solutions synchronously , capital mobilisation plans, and timely balance capital for investment, production and business needs.

According to the corporation, PVEP reported a revenue of VND14.35 trillion (US$623.59 million) in the first six months of 2021, equivalent to 144% of its target.

In the first half of this year, the corporation enjoyed over VND2 trillion in after-tax profit. It paid more than VND3.63 trillion to the State budget, equivalent to 151% of its target.

The corporation exploited 1.78 million tonnes of oil equivalent in the period, reaching 106% of its goal, along with 493 million cu.m of gas, completing 96% of its target.

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