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PVN strives for 13.28 million of crude oil exploitation

Update: July, 14/2017 - 09:00
The PVN reported that crude oil output reached 7.9 million tonnes, 2 per cent higher than planned for the first half of the year and 52 per cent of the annual plan. — VNA/VNS Photo Hà Thái
Viet Nam News

HÀ NỘI — The Việt Nam National Oil and Gas Group (PetroVietnam or PVN) is striving to fulfill the target of exploiting 13.28 million tonnes of crude oil and 10.61 billion cu. m of gas in 2017, PVN deputy director Đỗ Chí Thanh said at a conference in Hà Nội on Thursday. 

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

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

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

The PVN reported that crude oil output reached 7.9 million tonnes, 2 per cent higher than planned for the first half of the year and 52 per cent of the annual plan.

Domestic oil production reached 6.93 million tonnes in the six months, surpassing the half-yearly plan by 2.1 per cent, or 141,000 tonnes, while overseas output reached 0.97 million tonnes, 2.1 per cent over target.

In addition, gas production  reached 5.25 billion cubic metres in the first half of this year, equal to 97.6 per cent of the plan.

Deputy Minister of Industry and Trade Đỗ Thắng Hải said PVN plays a crucial role in the economy and contributes over 10 per cent to the country’s gross domestic product (GDP). 

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

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

PVN reported revenues of VNĐ247.1 trillion (US$10.8 billion) in the first half of the year, exceeding 15 per cent of the group’s six-month target, equal to 56 per cent of its yearly goal.

The group paid VNĐ44.2 trillion to the State budget, exceeding the six-month plan by 14 per cent and constituting 59 per cent of the annual plan. — VNS

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