Tuesday, September 26 2017

VietNamNews

PVN sees growth in Q1 production

Update: March, 21/2017 - 12:00
Cá Voi Xanh oil field in the central region of Việt Nam is one of PVN’s key projects. PVN gained higher output of oil in the first quarter of this year. — Photo baomoi.com
Viet Nam News

HÀ NỘI — Việt Nam Oil and Gas Group (PVN) exploited 6.45 million tonnes of crude oil in the first quarter of this year, 5 per cent higher than its quarterly plan.

The group said in March, it exploited 2.34 million tonnes, 4.4 per cent higher than its monthly plan.

During the first quarter, it also refined 1.69 million tonnes of petrol and oil, 15.5 per cent higher than its quarterly plan, and produced 447,000 tonnes of urea fertiliser, 9.7 per cent higher than its quarterly plan.

However, PVN is currently facing its largest difficulties in the past 15 years owing to pressure following the reduction of global oil prices due to oversupply of oil. It is also feeling the strain from restructuring of the group and adjusting production and business for sustainable development in the future.

To complete its major tasks in the second quarter and the entire year, PVN general director Nguyễn Vũ Trường Sơn said the group has focused all its resources and solutions on efficiently operating five core businesses.

PVN will strictly control activities related to oil and gas, promote implementation of the exploration and exploitation in 2017 and give priority to key projects such as Cá Rồng Đỏ oil field and Cá Voi Xanh gas field.

In particular, it will continue restructuring the group during 2016-20 under the plan approved by the Prime Minister, he said.

This year, PVN is striving to exploit 23.81 million tonnes of crude oil and produce 20.1 billion kWh of commercial electricity, 1.52 million tonnes of urea fertiliser and 6.8 million tonnes of petrol and oil. VNS

 

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