Oil and Gas

Before scheduled- Oil and Gas Exploitation completed by PVEP

Plan for a year oil exploitation of 4.33 million tonnes gets completed before the schedule. PVEP or PetroVietnam Exploration Production Company, did this, in its 10th consecutive year. Even this year the company worked earlier than what is being planned for.

This 10th consecutive year exploitation occurred. It occurred even when there was low growth in the global economic condition. Trades were being declined and so was there a price rise for crude oil, unpredictable. There were also some serious difficulties in overseas oil and gas exploration. Even amidst such globally slow economic growth, the company succeeds.

Ca Tam (Sturgeon) Oilfield became the main focus for PVEP in the year 2019. The company ensured the schedule followed with the 1st oil flow. This got done while some development projects were being planned for implementation. These plans were for other oilfields.

As per the reports, the PVEP’s estimation for its oil output was 4.45 million tonnes in the year. This value was set surpassing 3% of the yearly target. 1.32 billion cubic meters of gas is also planned for getting sold by the corporation. This too will exceed by 3% of the annual target.

Revenues in Total estimation is 35.91 trillion VND or USD 1.54 billion. The same will surpass by 7% of the yearly target. Profits for Post-tax is now estimated to exceed by 54% of their yearly plan. This will include 6.35 trillion VND or 274 million USD.

A contribution of the state budget is also forecasted to get made for 10.53 trillion VND. The same will amount to USD around 453.81 million. It will surpass by 13% of the annual plan.


Susan Wilson

Susan Wilson is handling the news column for Oil and Gas. As a author he has contributed immensely to the organization. He holds impeccable skills and has strong knowledge about the Oil and Gas industry. With his continued efforts Susan Wilson intends to spread unbiased and precise information to readers. He assures to deliver high-quality and authenticity in every article he works on.

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