PetroVietnam targets oil and gas increase in 2018  –

Divestment at PetroVietnam’s subsidiaries will continue to be accelerated in line with the 2017-20 plan approved by the Prime Minister. PVN will also pay attention to streamlining the management apparatus and rectifying the evasion, irresponsibility and failure of staff to meet the requirements.Besides this, the group is keeping a close watch on global oil prices in 2018 to devise appropriate solutions to the issue. Overcoming many difficulties, PVN managed to surpass all business production targets in 2017. The domestic yield of crude oil was 1.29 million tonnes beyond the annual target, and its contribution to the State budget exceeded VNĐ22.9 trillion (US$1 billion), significantly contributing to the national gross domestic product growth. — VNS

Vietsopetro eyes 4 million tonnes of oil in 2018

The Việt Nam-Russia Oil and Gas Joint Venture (Vietsovpetro) has set targets for 2018 that include pumping 4 million tonnes of oil and condensate and 126.5 million cubic metres of natural gas. Vietsovpetro’s general director Từ Thành Nghĩa announced the goals at a conference, held in southern Bà Rịa-Vũng Tàu Province on Thursday, in which 2017 operations were reviewed. The joint venture seeks to generate US$1.55 billion in revenues, and profits for Việt Nam are expected to reach $115 million, along with nearly $111 million for Russia. In 2017, the company pumped 4.73 million tonnes of oil and condensate and 234 million cubic metres of natural gas, or 95 per cent and 124 per cent of the yearly plan, respectively. It earned revenues of $1.97 billion, 3.5 per cent higher than the yearly goal. The success was partly due to the venture’s efforts to apply advanced solutions, along with internal services, to save costs. Nghĩa noted that the planned output next year would be lower than that of this year because its White Tiger and Dragon oil fields have been in the final phase of their exploitation periods. — VNS

PVN has exceeded the targets of the first quarter in 2018

At the conference on production and business activities in the first quarter of 2018, Vietnam Oil and Gas Group (PVN) informed that from the beginning of the year, despite facing a lot of difficulties and challenges, the group and its member units have deployed the production and business tasks in an effective and safe way, and achieved positive results. The most production targets have been exceedingly completed by 4-15% over the plan of the first quarter.