Vietnam Oil Industry to meet the opportunities and make the new breakthroughs

Vietnam Oil Industry to meet the opportunities and make the new breakthroughs - 

“PetroVietnam has past 2016 with a lot of tones of emotion. With the all things the Group has achieved in production and business we can be proud that in any circumstance, petroleum workers always maintain the will, promote internal ability and work with a creative, disciplinary and professional spirit, and express a sense of responsibility before the Party and the people” said Mr. Nguyen Quoc Khanh, PVN Party Secretary and Chairman.

In 2016 PVN had met and exceeded all the targets in production and business plans as finished exploiting production earlier a lot than expected; absolutely safely operated the power, nitrogenous fertilizer, petrochemical refinery plants and drilling rigs; restructured production and organization in several units; practiced thrift, optimized resources and improved production management to enhance working effectiveness and sense of responsibility of employees.

Mr. Nguyen Quoc Khanh is inspecting work on H5 – White Rhino Rig

In 2016 in very difficult circumstances as there were low oil prices, investment decrease, many projects having to stop or stretch schedule… that seriously affected the lives of employees, but PVN had appropriate and strong measures for overcoming the difficulties to look after their living conditions

An outstanding success PVN had achieved in almost fantastic condition was the plan for additional exploitation of one million tons of oil assigned by government to supplement state budget in 2016. In condition that production in many oil fields was declined, even in some ones the production cost was higher than price, and there ware several foreign investors to drop out due to low oil prices… but PVN had fulfilled this plan.

In 2017, PVN has already foreseen the objective and subjective difficulties but it also realized active signals as the oil prices are increasing though these could not reach the previous period levels; a series of the large projects as Blue Whale gas field, Lot B – Omon gas pipeline, Long Son petrochemical refinery plant will be started up

The results of implementing production and business plans of PVN in 2016:

- Domestic oil exploitation: the year plan of 14.02 million tons was achieved on 2/12/2016 – exceeded for 29 days vs. schedule (especially, Vietsovpetro had conducted exploratory drilling 3 wells with a 100% success: White Rabbit – 8X well with self-injection oil flow of about 135m3/day, Sturgeon well – oil flow of 500m3/day), White Tiger – 47 – oil flow of 630m3/day and gas flow of 100 thousand m3/day.

- Gas exploitation: the year plan of 9.61 billion m3 was achieved on 29/11/2016 – exceeded for 32 days vs. schedule

- Oversea oil exploitation: the year plan of 2.01 million tons was achieved on 29/12/2016 – exceeded for 2 days vs. schedule.

- Gasoline production: the year plan of 5.69 million tons was achieved on 04/11/2016 – exceeded for 26 days vs. schedule.

- Nitrogenous fertilizer production: the year plan of 1.58 million tons was achieved on 23/12/2016 – exceeded for 8 days vs. schedule.

- Power generation: the year plan of 20.27 billion kWh was achieved on 17/12/2016 – exceeded for 14 days vs. schedule.

- PVN total turnover of VND 435.1 thousand billion was achieved on 18/12/2016 – exceeded for 13 days vs. schedule.

- Budget contribution of VND 82.0 thousand billion (the year plan was 82.2 thousand billion) was achieved on 3/12/2016 – exceeded for 28 days vs. schedule.

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