PVEP’s oil and gas output hits 2.88 mln tonnes in nine months

Update: 17:09 | 13/10/2020
The PetroVietnam Exploration Production Corporation (PVEP) – a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam) - exploited 2.88 million tonnes of oil equivalent in the first three quarters of this year, surpassing the target by 1 percent.
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Illustrative image. (Photo: VNA)

PVEP said its oil and gas exploitation activities in the past nine months were seriously affected by the COVID-19 pandemic and the shock drop in oil prices.

The business has taken a series of measures to maximise its exploitation, reduce production cost, adjust and extend investment progress along with financial solutions to survive, and maintain the operation of projects in the most optimal way amid the health crisis.

However, as the average oil price is much lower than the set plan, the total revenue of PVEP in the reviewed period was estimated at 15.8 trillion VND (nearly 681.7 million USD). This fulfilled 71 percent and 53 percent of the goals set for the reviewed period and the entire year, respectively.

The corporation reported a pre-tax profit of 80 billion VND in the period. It contributed 4.8 trillion VND to the State budget.

In the remaining months of the year, PVEP’s output is expected to reach 0.85 million tonnes of oil equivalent.

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(Source: VNA)