PetroVietnam targets 13.28 million tonnes of crude oil in 2017

15:31 | 29/07/2017 Industry

The Vietnam National Oil and Gas Group (PetroVietnam or PVN) is striving to fulfil the target of exploiting 13.28 million tonnes of crude oil and 10.61 billion cu. m of gas in 2017, PVN Deputy Director Do Chi Thanh said at a conference in Hanoi on July 13.

PetroVietnam targets 13.28 million tonnes of crude oil in 2017 - Photo: VNA

He noted that in the first six months of 2017, the world oil prices stayed at a low level, affecting the group’s operation.

The PVN also encountered falling production at oil and gas fields as well as obstacles in financial and price mechanisms and tax policies, he added.

Oil and gas processing companies such as the Oil and Gas Fertilizer and Chemicals Corporation and the Ca Mau Oil and Gas Fertilizer Joint Stock Company faced fierce competition from imported products, while oil and gas services companies suffered from decreased exploration and exploitation activities, he said.

Despite the difficulties, the PVN has managed to surpass all business production targets set by the Government by 2-19 percent, he said.

Deputy Minister of Industry and Trade Do Thang Hai said PVN plays a crucial role in the economy and contributes over 10 percent to the country’s gross domestic product (GDP).

He asked the PVN to focus all resources on oil and gas projects in the remaining months of 2017.

The ministry will coordinate with the PVN to propose adjustments to financial mechanisms and measures to remove bottlenecks for the group.

Theo VNA