Illustrative image (Photo: VNA)Hanoi (VNA) - The PetroVietnam Exploration Production Corporation (PVEP) – asubsidiary of the Vietnam Oil and Gas Group (PetroVietnam) - exploited 2.88million tonnes of oil equivalent in the first three quarters of this year,surpassing the target by 1 percent.
PVEP said its oil and gas exploitation activities in the past ninemonths were seriously affected by the COVID-19 pandemic and the shock drop inoil prices.
The business has taken a series of measures to maximise its exploitation, reduceproduction cost, adjust and extend investment progress along with financialsolutions to survive, and maintain the operation of projects in the mostoptimal way amid the health crisis.
However, as the average oil price is much lower than the set plan, the totalrevenue of PVEP in the reviewed period was estimated at 15.8 trillion VND(nearly 681.7 million USD). This fulfilled 71percent and 53 percent of the goals set forthe reviewed period and the entire year, respectively.
The corporation reported a pre-tax profit of 80 billion VND in the period. Itcontributed 4.8 trillion VND to the State budget.
In the remaining months of the year, PVEP’s outputis expected to reach 0.85 million tonnes of oil equivalent./.
VNA
