Government assigns PVN to exploit additional 1 million tons of oil in 2016

Government assigns PVN to exploit additional 1 million tons of oil in 2016 - 

According information from Vietnam oil and gas Group (PVN) "The Government has assigned PVN to exploit additionally one million tons of oil in 2016. While PVN annual average oil exploiting production is about 16 million tons, the one oil million ton increase is relatively difficult. However, if PVN completes this task, the state budget will increase about US$ 350 millions".

As PVN’ report, in the first 9 months 2016, PVN achieved oil production of about 12.93 million tons, total turnover of 318,000 billion tons, equal to 85% the 9 month plan and 62% year plan. Thus, in remain time of 2016, to complete assigning task, PVN must still exploit 4 million tons of oil.

That, the oil prices plummeted from the end 2014 and lasted at the low levels so far, affect not only production and business activities and resources of the PVN in 2015 and first 9 months 2016, but also have a direct effect on its searching for and exploring activities, and cause difficulties for increasing oil and gas production in 2016 and the following years.

Despite facing a lot of challenges PVN affirms to try the best for completing the assigning task to bring US $350 millions for the state budget.

To achieve the given target, PVN plans to take substantial measures as reducing exploiting costs and service cost, strengthening technical solutions, striving to put the new projects into operation in right and earlier progress and continuing development drills with concentration on Bach Ho (White Tiger), Rong (Dragon), Tho Trang (White Rabbit), Hai Thach – Moc Tinh (Sea Weed - Jupiter), Su Tu Trang (White Lion), Su Tu Nau (Brown Lion), Te Giac Trang (White Rhino)… fields

The RC-9 Rong (Dragon) project was put into operation in June, earlier than planned. In the last 3 months of 2016, the Thien Ung (Heaven Falcon) and White Lion (Phase 1) projects expect to be put into operation as planned. This is a great expectation for participation to complete and exceedingly complete the additional exploitation plan of one million tons of oil in 2016 and for considerable contribution in oil and gas production in 2017.

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