Illustrative image (Source: VNA) Hanoi (VNA) – The PetroVietnam Exploration Production Corporation (PVEP) has surpassedits oil and gas exploration and financial targets for the first half of thisyear.
Specifically,the total oil and gas production hit 2.17 million tonnes of oil equivalent, up6 percent from its target, while the total gas for sale reached 558 million cubicmetres.
PVEP putBunga Pakma mine, lot PM3 CAA into operation on May 12 with a high volume.
The totalrevenue surpassed 18.29 trillion VND, up 35 percent compared to its target.Pre-tax and post-tax profit topped 6.65 trillion VND and 3.36 trillion VND,respectively. It contributed over 4.9 trillion VND to the State budget, also up47 percent from the plan.
Since earlythis year, PVEP has adopted specific measures to stabilise manufacturing andensure absolute safety for its operations.
Its leadersstepped up the approval of the PVEP restructuring plan for the 2017-2020 periodto submit to competent agencies.
Togetherwith PetroVietnam, it has refined its legal framework for oil and gas projects,financial mechanisms, and feasible capital for its operations.
For theremaining half of the year, PVEP will increase oil reserves to 1 million tonnesof oil equivalent and develop Ca Tam field, lot 09-3/12 – which is expected togenerate the first oil flow in December 2018, Su Tu Trang Pha 2, lot 15-1 aswell as other projects.
In order toachieve its set goals, PetroVietnam and the Ministry of Industry and Trade needto rapidly approve a suitable financial mechanism for PVEP’s oil and gasexploration. -VNA
Specifically,the total oil and gas production hit 2.17 million tonnes of oil equivalent, up6 percent from its target, while the total gas for sale reached 558 million cubicmetres.
PVEP putBunga Pakma mine, lot PM3 CAA into operation on May 12 with a high volume.
The totalrevenue surpassed 18.29 trillion VND, up 35 percent compared to its target.Pre-tax and post-tax profit topped 6.65 trillion VND and 3.36 trillion VND,respectively. It contributed over 4.9 trillion VND to the State budget, also up47 percent from the plan.
Since earlythis year, PVEP has adopted specific measures to stabilise manufacturing andensure absolute safety for its operations.
Its leadersstepped up the approval of the PVEP restructuring plan for the 2017-2020 periodto submit to competent agencies.
Togetherwith PetroVietnam, it has refined its legal framework for oil and gas projects,financial mechanisms, and feasible capital for its operations.
For theremaining half of the year, PVEP will increase oil reserves to 1 million tonnesof oil equivalent and develop Ca Tam field, lot 09-3/12 – which is expected togenerate the first oil flow in December 2018, Su Tu Trang Pha 2, lot 15-1 aswell as other projects.
In order toachieve its set goals, PetroVietnam and the Ministry of Industry and Trade needto rapidly approve a suitable financial mechanism for PVEP’s oil and gasexploration. -VNA
VNA
