PVEP plans to tap into more oil fields

Nhan Dan – PetroVietnam Exploration Production Corporation (PVEP) has held a conference to present its business summary for 2013 and to announce plans for 2014.

Image for illustration
Image for illustration

According to PVEP Managing Director Do Van Khanh, the company reached their annual targets with 14 days to go, with a total production of 4.92 million tonnes, equivalent to 104% of projections. Of this total, crude oil made up 3.61 million tonnes and natural gas extraction reached 1.313 billion cubic metres. In addition, PVEP signed two new oil and gas contracts on the domestic market.

PVEP’s revenue exceeded VND60 trillion, of which profit accounted for more than VND30 trillion, with a total investment value of VND32 trillion.

In 2013, PVEP operated 20 projects in the development and exploration period, of which five new projects saw the first oil flow in 2013.

PVEP now plans to reach its 2014 targets, extracting 3.85 billion tonnes of crude oil and 1.35 billion cubic metres of gas, with a revenue of VND56.3 trillion and contributing VND16.93 trillion to the state budget.

PVEP contributed to 10% to Petrovietnam’s (PVN) budget. PVN Chairman Phung Dinh Thuc commended the efforts of PVEP’s employees for the success.

He also encouraged PVEP to enhance exploration of new oil fields in overseas markets.