PVEP outstandingly completed the first quarter plan

PVEP outstandingly completed the first quarter plan - 

According to information from PetroVietnam Exploration Production Corporation (PVEP), the Corporation outstandingly completed production and finance targets assigned by PetroVietnam in the first quarter, and continued to make a large contribution to the state budget.

The PVEP successes in the first quarter may be summarized as follow: oil equivalent production – 1,26 million ton (equal to 106% of the first quarter plan), among which oil: 0.98 million ton, gas: 282 million cubic meters; turnover - estimate of 8,694 billion VND (equal to 107% of the first quarter plan and 28% of the year plan); before tax profit: 2,291 billion VND, after tax profit: 801 billion VND; state budget contribution – 2,325 billion VND.

At the present, PVEP is deploying gas collection from Great Tiger (Dai Hung) Lot 05-1(a), White Lion (Su Tu Trang) phase 2; controlling operation systems in existing fields to guarantee fulfill production plan in 2017; and studying breakthrough solutions to develop the other fields.

Regarding exploration activities, PVEP has completed test of seismic exploding collection of 63.68km in An Chau hollow area and is preparing geological alternatives for drilling wells as planned and constructing 4 drilling wells.

At the present, PVEP is deploying 52 petroleum projects (including 41 domestic and 11 foreign projects) and two basic investigation projects.

Among the above 52 projects, PVEP itself manages 15, participates in managing 11 and contributes capital to 26 projects.

In the first quarter, PVEP had achieved financial target due to partly recovery of oil prices (average 56.39 USD/barrel) and partly PVEP implementing drastic solutions to reduce investment, optimize operation and other costs…

In the second quarter, based on the first quarter successes, PVEP has outlined activities for optimizing exploitation, reducing costs and increasing efficiency of production and business…in order to successfully fulfill the targets assigned by PVN.

Leave your comment on this story