PVEP reviewed production and business activities in half year of 2018

On 20th July, PetroVietnam Exploration Production Corporation (PVEP) held a conference to review the work of the first six months and planned to perform the tasks in the last six months of 2018.

On behalf of Vietnam Oil and Gas Group, there were Mr. Phan Ngoc Trung - Member of the Board of Directors and Mr. Nguyen Quoc Thap - Deputy General Director who was representatives of specialized Boards and the Group Office.

PVEP's representatives were Mr. Tran Hong Nam -the Chairman of the Board of Directors, Mr. Tran Quoc Viet - General Director and other members of the Board of Directors, heads of the specialized boards, the Group Office, leaders of the member units, PVEP representatives in the projects. The conference was held online in Hanoi and Ho Chi Minh City.

Toàn cảnh Hội nghị.

PVEP has successfully completed the targets for the first six months of 2018. In specific, PVEP has exceeded the oil and gas production target with 2.17 million tons of oil, reaching 106% of the plan for six months and 56% of the plan for a year. Oil sales were 1.62 million tons (reaching 105% of the plan for 6 months) and gas sales were 558 million m3 (reaching 109% of the plan for 6 months).

Total Revenue is estimated at 18,294 billion VND, reaching 135% of the plan for six months and achieving 71% of the year plan; earnings before tax reached VND 6653 billion and Earnings after tax were VND 3362 billion, up over the same period last year; state budget contribution was VND 4935 billion, achieving 147% of the plan for six months and achieving 77% of the year plan.

In the last six months of 2018, PVEP will continue to carry out their tasks as planned such as:  completing drilling four oil wells, ensuring the target to increase the reserve of one million tons according to the approved plan. Besides, PVEP will also carry out development activities of Ca Tam mine (Block 09-3/12) to have First Oil in December 2018.

Mr. Tran Hong Nam - the Chairman of the Board of Directors has spoken at the conference

PVEP set the goal of exploiting oil product in the last six months of 2018 is 1.89 million tons of oil and the target for a year is 4.06 million tons of oil as well as exceeding the targets that Group requested.

Mr. Nguyen Quoc Thap - Deputy General Director has spoken at the conference.

Mr. Tran Quoc Viet - General Director of PVEP has finished the conference.

In the end of the conference, Mr. Tran Quoc Viet expressed his gratitude to the leaders of the Group for their interest and direction so that PVEP could complete the tasks in the first half of the year. Each unit and project of PVEP will follow the instructions of the Group leaders strictly to successfully complete the tasks of 2018, creating the premise of development for PVEP in the new phase.

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