PVEP to produce 0.23 million tons of oil equivalent this month

Source

Illustrative photo

The PetroVietnam Exploration Production Corporation (PVEP) plans to produce an estimated 0.23 million tons of oil equivalent, including 0.18 million tons of oil and condensate and 54 million cu.m of gas, this month.

In January, the State-owned corporation generated 0.31 million tons of oil equivalent, surpassing the monthly goal by 8 percent. The volume included 0.21 million tons of oil and condensate and 98 million cu.m of gas, 3 percent and 22 percent, respectively, higher than the month’s plan.

The company attributed last month’s success to the higher performance of a number of oil fields, such as Su Tu (Lion), Te Giac Trang (White Rhino), Dai Hung (Big Bear), CNV, RD-PD and Bir Seba.

Its January revenue exceeded 3.58 trillion VND (156.81 million USD), 55 percent higher than the plan and post-tax profit reached over 1.12 trillion VND. The company contributed nearly 1.1 trillion VND to the State budget.

Its total output is expected to reach 3.18 million tons of oil equivalent this year.