Petrovietnam targets 1.8 million tons of oil equivalent

PetroVietnam Exploration Production Corporation (PVEP), a subsidiary of Vietnam Oil and Gas Group (PetroVietnam), plans to exploit 1.8 million tons of oil equivalent in the second half of this year, the company has announced.

In the first half of this year, the corporation exploited 1.84 million tons, exceeding the target set by PetroVietnam by 14% and meeting the 2023 management plan.

Specifically, oil and condensate production in the first six months reached 1.23 million tons, 10% above the plan assigned by PetroVietnam.
Its gas sales in the first six months reached 613 million cubic meters, 24% more than the semi-annual target approved by PetroVietnam. It was the result of the measures adopted to optimize management and exploitation, keep the maximum flow of the wells within the safety threshold; optimally exploit the wells to help maintain a stable flow higher than expected; as well as opening some wells early and starting to exploit new ones.

Exceeding the exploitation production target in the first half of this year helped PVEP achieve a total revenue of VND 19.263 billion (USD 814.5 million), contributing VND 8.127 billion to the state budget.

Among the measures to achieve the goal set for the second half of this year, the PVEP will focus on oil prospecting and exploitation, and on accelerating mining development in key projects. It will require the parties involved to have detailed plans on disease control, construction preparation, and borehole construction.

In the first half of this year, the corporation exploited 1.84 million tons, exceeding the target set by PetroVietnam by 14% and meeting the 2023 management plan.

To promote strategic and long-term investment projects, the PVEP will focus on evaluating the investment portfolio and preparing investment strategies and guidelines for each specific project, in accordance with the 2022 Petroleum Law, which came into force on July 1. of 2023.

Regarding financial solutions, it will organize capital for key projects in order to take advantage of the good capital market, in addition to optimizing existing credit contracts and balancing the mobilization of capital with different maturities.

Article republished from the Vietnamese state media VNA in the framework of an agreement between both parties to share content. Link to the original article:https://en.vietnamplus.vn/pvep-targets-1-8-million-tonnes-of-oil-equivalent-in-h2/256271.vnp

Vietnam News Agency (VNA) is a state-owned news organization that publishes, disseminates official information, and collects and provides news through various forms of multimedia content for domestic and foreign media agencies.

The VNA operates under a consortium model with 15 news units for domestic and foreign service and representative offices in the 63 cities and provinces nationwide and 30 foreign offices on five continents.

VNA and ReporteAsia have an agreement for sharing and republishing content