PVEP exceeds nine-month oil exploitation target

September 10, 2020 - 12:37

To meet the yearly goal, PVEP said it will continue optimising exploitation output, cutting costs, enhancing resource quality, and applying technology in production.

At Đại Hùng oil field. — Photo courtesy of PVEP

HÀ NỘI — The PetroVietnam Exploration Production Corporation (PVEP) extracted 2.6 million tonnes of oil in the first eight months of this year, surpassing the target by 2 per cent and equivalent to 68 per cent of the yearly plan.

The corporation said its total oil output reached 1.83 million tonnes, and gas, 772 million cubic metres, exceeding the set goals of 2 per cent and 1 per cent, respectively.

To meet the yearly goal, PVEP said it would continue optimising exploitation output, cutting costs, enhancing resource quality, and applying technology in production.

At the same time, relevant units would further roll out technical measures to resume the corporation’s exploitation at Platform DH-01 before November 1.

Last year, PVEP completed its yearly plan to exploit 4.33 million tonnes of oil earlier than scheduled.

This was the 10th consecutive year that PVEP had achieved its goal earlier than planned. — VNS

Tags oil price

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