PVEP exceeds nine-month oil exploitation goal

15:26 | 07/11/2017 Energy

The PetroVietnam Exploration Production Corporation (PVEP) extracted 3.75 million tonnes of oil equivalent, in the first nine months of 2017, representing 112% of the nine-month target and 85% of the annual plan.

The PV Drilling I jack-up rig - Photo: petrotimes.vn

The company extracted 2.94 million tonnes of oil and 818 million cubic metres of gas within the period, surpassing the set goals by 8% and 27%, respectively.

The company recorded revenue of over VND25.5 trillion and an after-tax profit of over VND3.1 trillion in the first nine months of the year, and contributed VND6.4 trillion to the State budget, representing 131% of the nine-month target and 92% of the annual plan.

To deal with the fluctuation of global oil prices, the PVEP has enacted measures to stabilise their business manufacturing activities.

The PVEP will continue to arrange capital resources for exploratory activities, while drilling more fields in order to extract an additional one million tonnes of oil.

Theo NDO