Oil exploitation exceeds Q1’s target

The Vietnam National Oil and Gas Group (PVN) produced about 6.45 million tonnes of crude oil in the first quarter of this year, exceeding its three-month plan by 5 percent.

Of the figure, 2.34 million tonnes of oil equivalent were exploited in March, a 4.4 percent higher than the month target.

In the reviewed period, the group produced some 447,000 tonnes of nitrogenous fertilizer for agricultural production, surpassing its set plan by 9.7 percent. Especially, petrol production in the period reached 1.69 million tonnes, outpacing its set plan by 15.5 percent.

Although most of the business and production indices were beyond targets, PVN has faced the most formidable challenges in recent 15 years. It said that the global context of low oil prices spurred by abundant supply have critical impacts on its core investments.

In addition, the group has come under pressure from the Government’s shake-up plan, which forced the enterprise to adjust its business scale as well as orientation for sustainable development.

In a bid to fulfill plan for the second quarter and the whole year, PVN General Director Nguyen Vu Truong Son said that the group has focused all resources and measures on ensuring the effective operation of its five core areas of exploration and exploitation of oil and gas, electricity, gas, petrochemical industries and high-tech services. It will also continue strict management of oil and gas exploring and exploiting activities and giving priority to major projects like Ca Rong Do (Red Emperor) and Ca Voi Xanh (Blue Whale) projects.

Particularly, the group will continue its business restructuring plan in 2016-2020 as approved by the Prime Minister. In 2017, PVN strives to exploit some 23.81 million tonnes of oil equivalent, generate 20.1 billion kWh of electricity to the national grid, and produce 1.52 million tonnes of nitrogenous fertilizers and about 6.8 million tonnes of gasoline.

Source VNA