Gas exploitation at Su Tu Trang field (Photo: VNA)Hanoi (VNA) – The PetroVietnam Exploration and ProductionCorporation (PVEP)’s nine-month State budget contribution exceeded its set yearly target thanks tohigher oil prices.
The corporation said it paid 7.9 trillion VND (339 million USD) to the Statebudget during the period, surpassing the 2018 plan by 24 percent.
Its total revenue in the first nine months of this year was estimated at 28.3trillion VND (1.2 billion USD), an increase of nearly 50 percent compared tothe nine-month plan and 10 percent higher than the yearly target.
In the context of favourable developments in oil prices, PVEP has accelerated theimplementation of restructuring plan, optimized the efficiency of managementapparatus and took measures to remove obstacles in investment management and financialmechanism.
Thanks to these efforts, the oil and gas output of most oil fields exceeded theset target, with the nine-month figure hitting 3.18 million tonnes of oil equivalent,10 percent higher than the plan.
Notably, PVEP put Bunga Pakma field of lot PM3 CAA into production on May 12,2018 and is working hard to begin tapping oil from Ca Tam field of lot 09-3/12 inJanuary 2019.
The corporation is now implementing 43 oil and gas projects, including 36domestic and seven foreign ones, and two basic investigation projects.
To fulfill its 2018 tasks, PVEP will continue focusing on close management andsupervision of its projects and maintain production to ensure the accomplishmentof assigned output targets. It will carry out measures to optimise the exploitationof oil fields, complete drilling and put into use development wells onschedule.-VNA
The corporation said it paid 7.9 trillion VND (339 million USD) to the Statebudget during the period, surpassing the 2018 plan by 24 percent.
Its total revenue in the first nine months of this year was estimated at 28.3trillion VND (1.2 billion USD), an increase of nearly 50 percent compared tothe nine-month plan and 10 percent higher than the yearly target.
In the context of favourable developments in oil prices, PVEP has accelerated theimplementation of restructuring plan, optimized the efficiency of managementapparatus and took measures to remove obstacles in investment management and financialmechanism.
Thanks to these efforts, the oil and gas output of most oil fields exceeded theset target, with the nine-month figure hitting 3.18 million tonnes of oil equivalent,10 percent higher than the plan.
Notably, PVEP put Bunga Pakma field of lot PM3 CAA into production on May 12,2018 and is working hard to begin tapping oil from Ca Tam field of lot 09-3/12 inJanuary 2019.
The corporation is now implementing 43 oil and gas projects, including 36domestic and seven foreign ones, and two basic investigation projects.
To fulfill its 2018 tasks, PVEP will continue focusing on close management andsupervision of its projects and maintain production to ensure the accomplishmentof assigned output targets. It will carry out measures to optimise the exploitationof oil fields, complete drilling and put into use development wells onschedule.-VNA
VNA
