HOW DOES PVEP CONTRIBUTE TO PVN ?

One of the key tasks of PVEP in 2018 is to restructure.

Since the beginning of the year, PetroVietnam Exploration Production Corporation (PVEP) and its subsidiaries have focused on restructuring, optimizing their portfolio, optimizing costs, balancing capital adequacy and improving efficiency production business.

PVEP deploys its tasks in 2018 in the context of many difficulties and challenges due to inadequate financial mechanism, insufficient capital for investment and exploration, unstable oil prices, etc…

Total oil and gas production in the first six months of 2018 reached 2.17 million tons, equivalent to 106% of the six-month plan, of which oil production reached 1.62 million tons (reaching 105% of the plan for 6 months) The Gas sales volume was 558 million m3 (reaching 109% of the plan for 6 months).

PVEP has put the Bunga Pakma Block PM3 CAA into operation on 12 May - 2018 with good output. Along with the completion of the target mining plan, PVEP also exceeded the financial indicators in the first 6 months in total. The total revenue of the whole PVEP is 18294 billion, reaching 135% of the plan for 6 months. Profit before tax reached VND 6653 billion, profit after tax reached VND 3362 billion. Paying the state budget of VND 4935 billion, reaching 147% of the 6-month plan

Operation of the "Golden Lion" drilling platform.

PVEP also actively restructured its GC, affiliates and projects. In addition, PVEP focuses on reducing investment, optimizing the portfolio, optimizing costs; optimizing the cost of reducing production costs, balancing capital and raising the efficiency of production and business of the whole corporation. PVEP is also improving the legal basis of investment / management of investment for the oil and gas projects, financial mechanisms, feasible sources of capital for exploration and exploitation.

Furthermore, PVEP continues to carry out development activities of “Sturgeon” (Block 09-3 / 12), expected for First Oil in December 20-20, “White Lion” 2 Block 15-1 with a number of other projects.

Along with the implementation of the tasks set out, PVEP will build business plans in 2019 to submit to the corporation for approval, orientation to deploy work in the next years.

Que Chi