Since 2015, Vietnam has seen consecutive declines in oil and gas output and exploitation plan. What're reasons behind the situation and solutions to the problem?

VOV.VN - A ceremony to launch the Quang Ninh liquefied natural gas (LNG) power project was held on October 24 in Cam Pha city, the northern province of Quang Ninh.

Despite the recovery of petrol prices, profits of many businesses in the oil and gas sector dropped in the third quarter of this year due to impacts of the COVID-19 pandemic.

The Vietnam Report and online newspaper VietNamNet have just announced the Profit 500 list, featuring the top 500 most profitable enterprises in Vietnam this year.

The Vietnam Oil and Gas Group (PetroVietnam) has surpassed important business and financial targets set for the first nine months of 2021, with its contribution to the State budget fulfiling the yearly plan.

Bien Dong Petroleum Operating Company (Biendong POC) has produced 15 billion cu.m of gas since its Hai Thach and Moc Tinh gas fields were put into operation in September 2013.

Fitch Ratings has assessed the Vietnam Oil and Gas Group (PetroVietnam)'s Standalone Credit Profile (SCP) at 'BB+', reflecting the company's conservative financial profile, diversification and integration.

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 Vietnam Oil and Gas Group (PetroVietnam) reported that its pre-tax profit in the first eight months of the year surpassed the set plan by 177% and tripled the figure for the same period last year, reaching VND30.2 trillion (US$1.32 billion).

The Vietnam Oil and Gas Group (PetroVietnam) has been reviewing legal regulations to identify any obstacles to its operations and propose settlement recommendations.